In a sweeping reform of Ghana’s gold trade sector, all licenses previously issued by the Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources to small-scale miners and gold dealers have been revoked. This major move follows the recent presidential assent to the Ghana Gold Board Act (Act 1140), 2025, approved by Parliament on March 29.
The new law centralises all gold trading and export activities under the Ghana Gold Board (Goldbod), which now becomes the sole entity authorized to purchase, assay, sell, and export gold produced by the artisanal and small-scale mining (ASM) sector.
New Licenses, New Rules
Speaking on Atinka FM’s AM Drive with Ekow Budu Sam, Prince Kwame Minkah, Media Relations Officer for Goldbod, confirmed that individuals and fully Ghanaian-owned businesses affected by the revocation can apply for new licenses starting Tuesday, April 22, 2025.
They have until April 30, 2025, to conclude any pending transactions under their old licenses. After this date, all exports and gold dealings must strictly comply with the provisions of the new Goldbod Act.
“All licensed persons or organizations wishing to continue trading in gold must now obtain accreditation from Goldbod,” Minkah clarified. “These licenses can be obtained either online or at our head office in Accra.”
Foreign Involvement Ends
In a bold step to localise Ghana’s gold value chain, the Act mandates that all foreign nationals must exit the local gold trading space by April 30, 2025. Moving forward, foreigners may only engage with Ghanaian gold through official applications to Goldbod and may only purchase directly from the agency—not from the open market.
Additionally, gold purchases on the domestic market must now be made in Ghanaian cedis, based on the Bank of Ghana’s reference price, available via www.bog.gov.gh.
One Gate Policy for Ghana’s Gold
Goldbod is expected to enforce a “One Gate” policy, where it becomes the only gateway for gold exports from ASM activities. This aims to promote transparency, curb illicit trade, and maximise national revenue from one of Ghana’s most valuable resources.
“The only individuals allowed to deal in gold going forward will be Goldbod or licensed buyers, aggregators, and service providers accredited by Goldbod,” the statement emphasized.
By Najat Adamu
