The Ghana Gold Board (GoldBod) has unveiled a major overhaul of the country’s gold trading structure following the passage of the Ghana Gold Board Act, 2025 (Act 1140).
The new legislation, passed by Parliament on 29th March 2025 and signed into law by the President on 2nd April 2025, nullifies all gold trading licences previously issued by the Precious Minerals Marketing Company (PMMC) and the Minister responsible for Mines—except those granted to large-scale mining firms.
In a statement, GoldBod clarified: “All licences issued by the PMMC and/or the Minister to any person other than a large-scale mining company to deal in gold have ceased to be valid.”
Effective immediately, GoldBod is now the sole authority permitted to purchase, sell, assay, and export gold produced by the Artisanal and Small-Scale Mining (ASM) sector.
The statement emphasized: “No person other than the Ghana Gold Board (GoldBod) is permitted to export ASM gold from Ghana.”
Additionally, only individuals or entities licensed by GoldBod as buyers, aggregators, or service providers may purchase or trade in gold.
This restructuring aims to streamline the gold market, promote transparency, and ensure strict compliance with new regulatory standards, the statement explained.
To facilitate a smooth transition, GoldBod will temporarily recognise previously issued PMMC and Ministerial licences until 30th April 2025. However, all transactions within this window must be conducted in Ghana cedis, using the Bank of Ghana’s Reference Rate for pricing.
“All licensed persons or entities buying gold from the local market must do so in Ghana cedis,” the statement reiterated.
From 22nd April 2025, Ghanaians and Ghanaian-owned businesses whose licences have expired—or those seeking to enter the trade—can apply for new GoldBod licences either online or at the Board’s head office in Accra.
The statement also issued a strong directive to foreign participants: all non-Ghanaian traders must exit the local gold trading market by 30th April 2025. Foreign nationals may still apply to purchase gold directly from GoldBod but are no longer allowed to operate within the local value chain.
The statement concluded with a clear warning: “Effective 1st May 2025, it shall be a punishable offence for any person to purchase or deal in gold in Ghana without a valid licence issued by the Ghana Gold Board.”
Source: Newstitbits.com