In a bold step to overhaul Ghana’s artisanal and small-scale mining (ASM) gold trade, the Ghana Gold Board (GoldBod) has revoked all gold trading licenses issued by the Precious Minerals Marketing Company (PMMC) and the Minister for Mines, signaling a new era of centralized regulation.
The sweeping directive, rooted in the recently passed Ghana Gold Board Act (Act 1140), now positions GoldBod as the sole legal buyer, seller, assayer, and exporter of gold from licensed ASM operators.
The law, assented to by the President on April 2, 2025, aims to crack down on smuggling, streamline operations, and ensure full government oversight of an industry that contributes over 30% of Ghana’s gold output.
“Effective May 1, 2025, it shall constitute a punishable offense for any person to purchase or deal in gold without a license issued by the Ghana Gold Board,” the statement stressed.
To minimize disruptions, a transitional window allows current PMMC or ministerial license holders to operate until April 30. From May 1 onward, only GoldBod-issued licenses will be valid.
In a strategic move to strengthen the local economy, the directive also mandates that all gold trading be conducted in Ghana cedis, referencing Bank of Ghana exchange rates.
Foreign nationals currently operating in the ASM gold trade have until April 30 to exit the market. While they can still apply to purchase gold from GoldBod, independent participation is no longer permitted.
GoldBod will begin accepting new license applications from Ghanaian individuals and fully Ghanaian-owned companies on April 22, either online or at its Licensing and Regulations office in Accra.
The government anticipates that this landmark reform will sanitize the ASM gold sector, boost national revenue, and secure Ghana’s position as a leading gold producer in Africa.
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