The Ghana Gold Board (GoldBod) has announced a sweeping overhaul of the country’s gold trading system following the enactment of the Ghana Gold Board Act, 2025 (Act 1140).
The new law, passed by Parliament on March 29 and assented to by the President on April 2, bans Chinese and other foreigners from Ghana’s gold trading market.
“All foreigners are hereby notified to exit the local gold trading market no later than 30th April 2025. A foreigner may however apply to the GoldBod to buy or off-take gold directly from the GoldBod.”
A statement issued and signed by the Media Relations Officer of GoldBod, Prince Kwame Minkah also revoked all existing licences issued by the Precious Minerals Marketing Company (PMMC).
“All licences issued by the PMMC and/or the Minister to persons other than large-scale mining companies to deal in gold have ceased to be valid,” the statement noted.
Effective immediately, GoldBod becomes the exclusive authority for the purchase, sale, assaying, and export of gold from 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 stressed.
Under the new regime, only buyers, aggregators, or service providers licensed by GoldBod will be permitted to trade in gold locally.
“All licensed persons or entities buying gold from the local market must do so in Ghana cedis,” the statement reiterated.
Ghanaian individuals and companies whose licences have expired—and new entrants to the trade—may apply for new GoldBod licences from April 22, either online or at GoldBod’s headquarters in Accra.
“However, to ensure a smooth transition and respect for existing contractual obligations between licensed gold buyers and their off-takers, the Ghana Gold Board has resolved to allow for gold purchases and exports by persons holding appropriate licenses issued to them by the PMMC and/or the Minister Responsible for Mines until 30th April 2025.”
In a decisive move to regulate foreign participation, the Board has directed all non-Ghanaians to exit the local gold trading scene by April 30, 2025. While foreigners can no longer operate in the domestic gold value chain, they may apply to purchase gold directly from GoldBod.
“Any Ghanaian or a fully-owned Ghanaian company whose license has ceased to be valid and/or any Ghanaian who is desirous of dealing in gold is encouraged to apply for a license under the Ghana Gold Board Act (ACT 1140), 2025 effective, Tuesday, 22nd April 2025.”
The statement warned that starting May 1, 2025, anyone dealing in gold without a valid GoldBod-issued license will be committing a criminal offence.
Source: newsalertgh.com