Mr. Sammy Gyamfi, the Chief Executive Officer (CEO) of the Ghana Gold Board, has announced the full implementation of the new gold trading licensing regime in Ghana.
According to him, this licensing scheme is accompanied by stringent measures to clamp down on illegal gold trading and smuggling across the country.
He stressed that the enforcement of the Ghana Gold Board Act, 2025 (Act 1140), marks a significant step in the government’s agenda to restructure and formalise the gold trading sector for the benefit of the Ghanaian economy.
In his address to the media through a press conference held in Accra, the CEO of the Ghana Gold Board emphasised that only individuals or entities who have secured licences through the approved process can legally trade gold in Ghana.
“The new Gold Board licensing regime has taken full effect. What this means is simple – only Ghanaians who have gone through the due process and have been issued with a licence by the Ghana Gold Board can legally engage in gold trading in Ghana,” Mr. Gyamfi stated.
He warned that engaging in gold trading without the required licence constitutes a criminal offence under Act 1140 and will attract the associated penalties and sanctions.
“If you are not licensed by the Ghana Gold Board, you are committing a crime if you buy gold or engage in any form of gold trading,” he stressed.
In his address, he indicated that the Act explicitly revokes all previous licences issued by the defunct Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources for gold trading purposes.
Mr. Gyamfi quoted sections of the Ghana Gold Board Act, particularly Section 63, which clearly states that individuals or entities trading gold without a valid Gold Board licence face prosecution, with penalties including heavy fines and custodial sentences.
He further noted that a person who contravenes the law commits an offence and is liable, on summary conviction, to a fine of not less than 50,000 penalty units and not more than 200,000 penalty units, or to a term of imprisonment of not less than five years and not more than ten years, or both.
As part of enforcement efforts, Mr. Gyamfi revealed that the President of the Republic, H.E. John Dramani Mahama, will officially commission the Gold Board Task Force on July 8, 2025.
According to him, the Task Force – set to be inaugurated at the National Security Secretariat (Blue Gate) in Accra – will possess the same powers as police officers, with a mandate to clamp down on gold smuggling, illegal trading, and price manipulation in the sector.
Mr. Gyamfi emphasised that, as of the final deadline of June 21, 2025, over 300 applications had been received for Tier 1 Buyer Licences, approximately 200 for Tier 2 Buyer Licences, 30 for Self-Financing Aggregator Licences, and 15 for Aggregator Licences. He stated that more than 240 licences have been approved after applicants met the eligibility criteria.
Mr. Gyamfi assured stakeholders that despite the deadline, applications for Gold Board licences remain open on a rolling basis. However, unlicensed individuals or businesses are prohibited from participating in gold trading activities until they have secured the appropriate licences.
As a way of streamlining operations and promote transparency, Mr. Gyamfi indicated that the Ghana Gold Board has digitised the entire application process. He stated that approved applicants receive notifications via email and their online accounts, with licence fees payable through the Ghana.gov platform.
Mr. Gyamfi urged all stakeholders to comply with the new licensing regime to avoid prosecution and to contribute to responsible gold trading practices that benefit Ghana’s economy.
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