Buy in Cedis – GoldBod instructs all licensed persons or entities buying gold from the local market

All licensed persons or entities buying gold from the local market must do so in Ghana cedis and at a price calculated based on the Bank of Ghana Reference Rate published on www.bog.gov.gh, the Ghana GoldBod has directed.

The GoldBod also stated that 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.

Goldbod further stated that an application for a GoldBod license may be done online, via the website of the GoldBod (to be activated and published on the effective date for license applications, 22nd April, 2025) or physically at the GoldBod Licensing and Regulations office located at our head office in Accra.

In a statement on Monday April 14, signed by Prince Kwame Minkah, Media Relations Officer of GoldBod, the Ghana Gold Board informed the general public that pursuant to the Ghana Gold Board Act (ACT 1140), 2025, passed by Parliament on 29th March, 2025 and assented to by the President of the Republic on 2nd April 2025, all licenses issued by the Precious Minerals Marketing Company (PMMC) and or the Minister responsible for Mines to a person other than a large scale mining company to deal in gold, have ceased to be valid.

The GoldBod said it is currently the sole buyer, seller, assayer and exporter of all gold produced by the licensed Artisanal and Small-Scale Mining (ASM) sector.

As such, the statement said no person other than the Ghana Gold Board is permitted to export ASM gold from Ghana.

Also, no person other than the GoldBod or a licensed buyer or aggregator or service provider of the GoldBod, is permitted to purchase or deal in gold in the country.

However,  the statement added, 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.

“For the time being, all licensed persons or entities buying gold from the local market must do so in Ghana cedis and at a price calculated based on the Bank of Ghana Reference Rate published on www.bog.gov.gh.

“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 added that “An application for a GoldBod license may be done online, via the website of the GoldBod (to be activated and published on the effective date for license applications, 22nd April, 2025) or physically at the GoldBod Licensing and Regulations office located at our head office in Accra.

“All foreigners are hereby notified to exit the local gold trading market not later than 30th April, 2025. A foreigner may, however, apply to the GoldBod to buy or off-take gold directly from the GoldBod.

“It is worthy of note that it shall constitute a punishable offense for a person to purchase or deal in gold in the country without a license issued by the Ghana Gold Board, effective 1st May, 2025.”

Source: 3news.com