The Ghana Gold Board (GoldBod) has announced a significant restructuring of the country’s gold trading framework following the passage of the Ghana Gold Board Act (Act 1140), 2025.
The law, passed by Parliament on 29th March 2025 and assented to by the President on 2nd April 2025, effectively revokes all licences previously issued by the Precious Minerals Marketing Company (PMMC) and the Minister responsible for Mines, except for those granted to large-scale mining companies.
“All licences issued by the PMMC and/or the Minister to a person other than a large-scale mining company to deal in gold have ceased to be valid,” the statement clarified.
With immediate effect, GoldBod is now the sole authorised body to buy, sell, assay, and export gold produced by the Artisanal and Small-Scale Mining (ASM) sector.
The statement stressed, “No person other than the Ghana Gold Board (GoldBod) is permitted to export ASM gold from Ghana.”
It further added that no individual or company may purchase or trade in gold unless they are a licensed buyer, aggregator, or service provider authorised by GoldBod.
According to the statement, the move is aimed at sanitising the local gold market and ensuring transparency and compliance within the sector.
To allow for a smooth transition, GoldBod will temporarily honour licences previously issued by the PMMC or the Minister until 30th April 2025. During this period, transactions must be carried out in Ghana cedis and priced according to the Bank of Ghana’s Reference Rate.
“All licensed persons or entities buying gold from the local market must do so in Ghana cedis,” the statement noted.
Ghanaians or Ghanaian-owned entities whose licences have lapsed—and those wishing to enter the gold trade—are encouraged to apply for a new GoldBod licence from 22nd April 2025, either online or in person at GoldBod’s Accra headquarters.
In a firm directive to foreign participants in the sector, the statement ordered all foreigners to exit the local gold trading market by 30th April 2025.
Foreign nationals may still apply to purchase gold directly from GoldBod but can no longer operate within the local gold value chain.
The statement concluded with a warning: “It shall constitute a punishable offence for a person to purchase or deal in gold in the country without a licence issued by the Ghana Gold Board, effective 1st May 2025.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Source link
