In a major reform to Ghana’s mining sector, the newly established Ghana Gold Board (GoldBod) has assumed exclusive authority over the buying, selling, assaying, and export of gold produced by artisanal and small-scale miners (ASM), following the passage of the Ghana Gold Board Act, 2025 (Act 1140).
In a press release issued on Monday, GoldBod announced that all licences previously issued by the Precious Minerals Marketing Company (PMMC) or the Minister for Lands and Natural Resources—except those held by large-scale mining firms—have ceased to be valid under the new law.
The Act, which was passed by Parliament on March 29, and assented to by the President on April 2, centralizes gold trading and exportation under the authority of the newly established GoldBod.
Under this new legal regime, only GoldBod and its licensed agents, aggregators, and service providers are allowed to engage in any form of gold purchase, trading, or export activities in the country.
To ensure an orderly transition, GoldBod has granted a grace period ending April 30, 2025, during which entities with valid PMMC or ministerial licences may continue to operate. After that, their authorisation will be null and void.
“All licensed persons or entities buying gold from the local market must do so in Ghana cedis, and pricing must be based on the Bank of Ghana Reference Rate,” the statement emphasized.
GoldBod also unveiled its licensing framework and application process. Starting Tuesday, April 22, 2025, Ghanaian individuals and wholly Ghanaian-owned companies whose licences have expired—or those seeking to enter the gold trade—can begin applying for new GoldBod licences. Applications will be accepted online via the GoldBod website (set to launch on April 22) or in person at the agency’s Licensing and Regulations Office in Accra.
In a significant policy change, foreign nationals have been ordered to completely exit the local gold trading market by April 30. However, foreigners may still apply to off-take or purchase gold directly from GoldBod under regulated conditions.
GoldBod made it clear that beginning May 1, 2025, any gold trading without a GoldBod-issued licence will be considered a criminal offence. Violators will face legal action.
Speaking through the release, the Media Relations Officer of GoldBod, Mr. Prince Kwame Minkah, called on all stakeholders to fully comply with the new regulations to avoid prosecution.
“This reform is intended to bring structure, transparency, and accountability to Ghana’s ASM gold sector,” the statement concluded.
Subscribe to GH Educate for more news and updates
Share with family and friends
