GoldBod Inspires Investor Confidence – Khalid Mahmud

Professor Sharif Khalid Mahmud, Economic Advisor to the Vice President, Professor Naana Jane Opoku-Agyemang, has taken a swipe at the previous administration’s Gold4Oil programme, describing it as a “parodic” initiative.

He contrasted it with the current government’s GoldBod initiative, which he said is backed by legislation and offers greater assurance to investors.

Speaking on Channel One TV, Prof. Khalid remarked: “Your gold for oil programme was parodic. It was emulated from what was happening in certain developing economies.”

He argued that, unlike its predecessor, the GoldBod initiative enjoys a firmer institutional and legal foundation.

“This is a programme – the GoldBod – backed by legislation, so investors see more confidence… It has a board among other issues,” he added.

Filling Critical Gap

Also, the Member of Parliament for Ekumfi, Kwainoe Ekow Othniel, has commended the Ghana Gold Board (GoldBod) for its significant contribution to the country’s foreign exchange market, describing its role as both “long overdue” and “transformational.”

In an interview on the same platform, the MP – who also serves on Parliament’s Trade, Industry, and Tourism Committee – noted that GoldBod’s activities have notably strengthened the performance of the Ghanaian Cedi.

According to him, the board has sold approximately $2.7 billion worth of gold within just four months, a feat he described as unprecedented.

“With the coming in of GoldBod, as it were, they are playing a role which has eluded Ghana for a very long time. I think that role they are playing is going to help us in terms of foreign exchange accumulation for the reserves, like we have seen,” he said.

He emphasized the importance of such interventions in stabilizing the economy, especially in a context where access to foreign exchange directly affects importers, manufacturers, and traders.

“Being able to sell about 2.7 billion in about four months is unprecedented, and that gives you the sort of punchline that to be able to intervene in the market so that when traders who need to buy FX, need to buy FX, it is readily available,” he added.

Extension

Meanwhile, the Ghana Gold Board (GoldBod) has officially extended the deadline for transitioning to its new gold trading license regime from May 21 to June 21, 2025.

The announcement, made in a statement released on Thursday, May 22, and signed by Prince Kwame Minkah, Media Relations Officer of GoldBod, follows multiple petitions from stakeholders within the gold trading industry.

Under the revised directive, all persons currently holding licenses previously issued by the now-defunct Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources are permitted to continue purchasing and dealing in gold using those licenses until the new deadline.

However, GoldBod has made it clear that this grace period is final and non-extendable.

“Only holders of a GoldBod license will be allowed to purchase, sell, or deal in gold after June 21, 2025. The use of licenses issued by the defunct PMMC or the Ministry of Lands and Natural Resources will be prohibited beyond this date. A breach of this directive will constitute a punishable offence under the Ghana Gold Board Act, 2025 (Act 1140).”

Despite the one-month extension for trading operations under old licenses, the export function tied to those licenses has been revoked effective immediately. As of May 22, only GoldBod, as a corporate entity, retains the authority to export small-scale gold from Ghana.

This marks a significant shift in gold export control, centralising the process under a single regulatory body.

GoldBod also encouraged all prospective traders and dealers to begin or complete their license applications via its official website, [www.goldbod.gov.gh](http://www.goldbod.gov.gh).

While the application process remains open beyond the June 21 deadline, the agency reiterated that no trading or dealing in gold will be allowed without a valid GoldBod license after that date.

GoldBod further called for continued cooperation from all stakeholders and members of the public as it implements these regulatory reforms aimed at ensuring transparency, accountability, and national interest in the gold sector.

Read full statement below:

GOLDBOD EXTENDS DEADLINE FOR TRANSITION TO NEW GOLD TRADING LICENSE REGIME.

Upon consideration of several petitions from stakeholders, the Ghana Gold Board (GoldBod) wishes to inform the general public, that the deadline for the transition to the new gold trading license regime, has been extended from 21st May, 2025 to 21st June, 2025.

Consequently, any person who hold a license issued by the defunct PMMC and/or the Ministry of Lands and Natural Resources can continue to purchase and deal in gold with the said licenses until 21st June, 2025.

It must be emphasized, that even though a person may apply for a GoldBod license beyond the new non-extendable deadline of 2lst June, 2025, only holders of a GoldBod license will be allowed to purchase, sell or deal in gold after this date.

The use of a license issued by the defunct PMMC and/or the Ministry of Lands and Natural Resources to deal in gold is hereby prohibited beyond the new non-extendable deadline of 21st June, 2025. A breach of this directive shall constitute a punishable offense under the Ghana Gold Board Act, 2025 (ACT 1140).

The deadline extension notwithstanding, the GoldBod wishes to inform all persons who hold a license to purchase and deal in gold, issued by the Ministry of Lands and Natural Resources, that the export function of their licenses has ceased to be valid, effective today, 22nd May, 2025, Accordingly, no person other than GoldBod as a corporate entity, can export small-scale gold from Ghana, effective immediately.

The GoldBod wishes to encourage all persons desirous of trading or dealing in gold in Ghana, to apply for a license via www.goldbod.gov.gh.

It is worthy of note, that the license application process is an ongoing process and will continue even after the new non-extendable deadline of 21st June, 2025, save that, a person without a GoldBod license cannot trade or deal in gold in Ghana after this deadline.

The GoldBod counts on the cooperation of all stakeholders and the general public as we work to optimize national benefits from Ghana’s gold resources in line with the vision of President John Dramani Mahama.

SIGNED.

Prince Kwame Minkah

Media Relations Officer