GoldBod Takes Full Control of Local Gold Trade
The newly established Ghana Gold Boardhas announced that starting May 1st, 2025, all foreigners and individuals will no longer be allowed to engage in gold trading in Ghana’s local market.
This directive is part of the major reforms under the Ghana Gold Board Act (Act 1140), 2025.
A press release issued on Monday, April 14, 2025, and signed by GoldBod’s Media Relations Officer, Prince Kwame Minkah, made the announcement official. It explained that all licenses previously issued by the Precious Minerals Marketing Company (PMMC) and the Minister responsible for Mines to anyone other than large-scale mining companies are no longer valid.
“The general public is respectfully informed, that pursuant to the Ghana Gold Board Act (ACT 1140), 2025, passed by Parliament on 29th March, 2025 and assented to by the President of the Republic on 2nd April 2025, all licenses issued by the Precious Minerals Marketing Company (PMMC) and/or the Minister responsible for Mines to a person other than a large scale mining company to deal in gold, have ceased to be valid.
The GoldBod is currently, the sole buyer, seller, assayer and exporter of all gold produced by the licensed Artisanal and Small-Scale Mining (ASM) sector.
As such, no person other than the Ghana Gold Board (GoldBod), is permitted to export ASM gold from Ghana. Also, no person other than the GoldBod or a licensed buyer or aggregator or service provider of the GoldBod, is permitted to purchase or deal in gold in the country,” the release stated.
The law gives the Ghana Gold Board exclusive control over all activities related to artisanal and small-scale gold mining (ASM) in the country. This includes buying, selling, testing (assaying), and exporting gold produced by licensed ASM operators.
According to GoldBod, this move is aimed at boosting Ghana’s foreign exchange reserves and strengthening the local currency, the Ghana cedi. By centralizing gold trade under one body, the government hopes to bring more transparency and regulation into the sector.
However, GoldBod has offered a short grace period to help businesses adjust. Licensed buyers and exporters with valid permits from the PMMC or the Minister will be allowed to continue operations until April 30th, 2025.
“However, to ensure a smooth transition and respect for existing contractual obligations between licensed gold buyers and their off-takers, the Ghana Gold Board has resolved to allow for gold purchases and exports by persons holding appropriate licenses issued to them by the PMMC and/or the Minister Responsible for Mines until 30th April, 2025”, the statement added.
After that date, anyone who still wants to trade gold legally must apply for a new license from the GoldBod. Ghanaians or fully Ghanaian-owned companies whose licenses have expired are encouraged to start the application process from April 22, 2025.
Applications can be submitted either online through the GoldBod website (to be launched on April 22) or physically at the GoldBod Licensing and Regulations office in Accra.
For now, all gold transactions must be made in Ghana cedis, based on the official Bank of Ghana reference rate.
The GoldBod has warned that from May 1, 2025, it will be a criminal offense for any person or company to trade in gold without a license from the board. Foreigners who still wish to buy gold must apply directly to the GoldBod.
Comments are closed.