GoldBod Warns Foreigners To Exit Local Gold Trading Market

The Ghana Gold Board (GoldBod) has announced significant regulatory amendments pertaining to the artisanal and small-scale gold mining (ASM) sector, following the passage of the Ghana Gold Board Act (Act 1140), 2025. 

The new law, passed by Parliament on March 29, 2025, and assented to by President Mahama on April 2, 2025, grants the GoldBod exclusive authority as the sole buyer, seller, assayer, and exporter of all gold produced by the licensed ASM sector in Ghana.

“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” Goldbod made it known in an official statement signed by its PRO.

The GoldBod emphasized that no entity, Ghanaian or foreign, is henceforth permitted to export ASM gold from Ghana unless licensed under the new Act.

The same restriction applies to local gold purchases: only the GoldBod, its licensed buyers, aggregators, or service providers may legally engage in the gold trade.

“This development marks a critical turning point in Ghana’s gold governance architecture. Effective 1st May 2025, it shall be a punishable offense to deal in gold without a license issued by the Ghana Gold Board.”

As part of the reforms, the GoldBod has mandated that all local gold transactions must now be conducted in Ghana cedis, using a pricing formula based on the Bank of Ghana Reference Rate.

This policy move aims to stem illegal foreign exchange dealings and promote monetary stability. The reference rate will be publicly accessible through the Bank of Ghana’s official website: www.bog.gov.gh.

Read full statement below:

PRESS STATEMENT

14TH APRIL, 2025

1. 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.
2. 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.
3. 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.
4. 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.
5. For the time being, all licensed persons or entities buying gold from the local market, must do so in Ghana cedis and at a price calculated based on the Bank of Ghana Reference Rate published on www.bog.gov.gh.
6. Any Ghanaian or a fully-owned Ghanaian company whose license has ceased to be valid and/or any Ghanaian who is desirous of dealing in gold, is encouraged to apply for a license under the Ghana Gold Board Act (ACT 1140), 2025 effective, Tuesday, 22nd April, 2025.
7. ⁠An application for a GoldBod license may be done online, via the website of the GoldBod (to be activated and published on the effective date for license applications, 22nd April, 2025) or physically at the GoldBod Licensing and Regulations office located at our head office in Accra.
8. All foreigners are hereby notified to exit the local gold trading market not later than 30th April, 2025. A foreigner may however apply to the GoldBod to buy or off-take gold directly from the GoldBod.
9. It is worthy of note, that it shall constitute a punishable offense for a person to purchase or deal in gold in the country without a license issued by the Ghana Gold Board, effective Ist May, 2025.

Thank you. SIGNED.

Prince Kwame Minkah

(Media Relations Officer, GoldBod)