The newly established Ghana Gold Board (GoldBod) has announced a sweeping overhaul of the nation’s gold trading sector following the enactment of the Ghana Gold Board Act, 2025 (Act 1140).
Under this new legal framework, the state has revoked all existing gold trading licenses previously issued by the Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources, with the exception of those held by large-scale mining companies.
Effective immediately, GoldBod is the sole entity authorized to buy, sell, assay, and export gold produced by the Artisanal and Small-Scale Mining (ASM) sector. This centralized approach is designed to curb smuggling, ensure transparent pricing, and stabilize the local currency.
GoldBod has established a strict transition timeline for all market participants:
- Foreign National Exit: All foreign nationals are ordered to exit the domestic gold trading market by April 30, 2025. While they may still apply to purchase gold directly from GoldBod for export, they are strictly prohibited from operating within the local buying and aggregation value chain.
- Licensing Window: Ghanaian individuals and businesses can apply for new licenses as buyers, aggregators, or service providers starting April 22, 2025.
- Currency Regulation: All local gold transactions must now be conducted exclusively in Ghana Cedis, priced according to the Bank of Ghana’s Reference Rate.
- Full Enforcement: Beginning May 1, 2025, it will be a punishable offense to deal in gold without a GoldBod-issued license.
Sanitizing the “Black Gold” Market
The Board clarified that the temporary recognition of old PMMC licenses will end on April 30, 2025. This “shake-up” is a strategic move to ensure that the value generated from Ghana’s small-scale gold production is captured within the formal banking system. By positioning GoldBod as the exclusive exporter for ASM gold, the government aims to increase national gold reserves and provide the Bank of Ghana with the leverage needed for its “Gold for Oil” and currency stabilization programs.