Ghana Gold Board Takes Over ASM Gold Trading Under New Act

Accra — April 15, 2025:
The Ghana Gold Board (GoldBod) has announced sweeping reforms to the nation’s gold trading system following the passage of the Ghana Gold Board Act, 2025 (Act 1140).

The new legislation, passed by Parliament on March 29, 2025, and signed into law by President Nana Addo Dankwa Akufo-Addo on April 2, 2025, revokes all existing gold trading licences previously issued by the Precious Minerals Marketing Company (PMMC) and the Minister responsible for Mines — except those held by 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,” a statement from GoldBod confirmed.

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GoldBod Becomes Sole Authority for ASM Gold

Under the new framework, GoldBod is now the exclusive legal entity permitted to purchase, assay, sell, and export gold produced by Ghana’s Artisanal and Small-Scale Mining (ASM) sector.

“No person other than the Ghana Gold Board (GoldBod) is permitted to export ASM gold from Ghana,” the statement emphasized.

In addition, the board made it clear that only licensed buyers, aggregators, or service providers approved by GoldBod will be allowed to participate in gold purchasing and trading activities moving forward.

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Smooth Transition, Strict Compliance

To ensure a smooth transition, GoldBod has temporarily extended the validity of all existing PMMC and Minister-issued licences until April 30, 2025. During this grace period, all transactions must be conducted in Ghana cedis and priced in line with 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 reiterated.

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New Licence Applications Open April 22

Ghanaians and Ghanaian-owned businesses whose licences have expired — or new entrants wishing to join the sector — can begin applying for a GoldBod licence starting April 22, 2025. Applications can be submitted online or in person at the GoldBod Headquarters in Accra.

In a direct order to foreign participants, GoldBod directed all non-Ghanaians engaged in local gold trading to exit the sector by April 30, 2025. Foreign nationals will only be permitted to purchase gold directly from GoldBod, not from the local market.

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Tough Sanctions Await Violators

GoldBod also warned that any individual or company found trading gold without a valid licence from May 1, 2025, will be in breach of the new law and subject to criminal penalties.

The reforms, the statement explained, are part of a broader effort to promote transparency, sanitise the gold trading ecosystem, and improve government oversight in the lucrative sector.