The Ghana Gold Board (GoldBod) has announced a major overhaul of the country's gold trading regulations, following the passage of the Ghana Gold Board Act (Act 1140) in March 2025. The new law, which was assented to by President Nana Akufo-Addo on April 2, 2025, has led to the revocation of all gold trading licences issued by the Precious Minerals Marketing Company (PMMC) and the Ministry of Mines, except for those granted to large-scale mining companies.
The announcement, which has significant implications for the gold sector, clarified that no individual or company, other than large-scale mining firms, may now deal in gold. GoldBod is now the sole body authorized to purchase, sell, assay, and export gold from the Artisanal and Small-Scale Mining (ASM) sector. Furthermore, no one other than a licensed buyer, aggregator, or service provider authorized by GoldBod is permitted to trade in gold.
The restructuring aims to sanitize the local gold market, ensuring transparency and stricter compliance within the sector. GoldBod will temporarily honor existing licences issued by the PMMC or the Ministry of Mines until April 30, 2025, during which period all transactions must be carried out in Ghanaian cedis and priced according to the Bank of Ghana’s Reference Rate.
As part of the transition, Ghanaians or Ghanaian-owned entities with expired licences, as well as those wishing to enter the gold trade, are encouraged to apply for a new licence from GoldBod starting on April 22, 2025. This process can be done either online or in person at the GoldBod headquarters in Accra. Foreigners currently operating in the local gold market are required to cease their activities by April 30, 2025, and may only purchase gold directly from GoldBod.
The new law has raised the stakes for those involved in gold trading, with a warning that it will be a punishable offence to deal in gold in Ghana without a valid licence from GoldBod starting from May 1, 2025. The GoldBod's stringent measures are expected to reshape the gold trading landscape in Ghana and tackle illegal activities such as smuggling, ensuring that the country derives maximum value from its gold resources.
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