In a major regulatory shift, the Ghana Gold Board has enhanced its oversight of the gold trade sector by revoking all gold trading licences previously issued by the Precious Minerals Marketing Company (PMMC). The move aims to streamline gold trade governance, ensure compliance with new standards, and reinforce transparency within the industry.
The Ghana Gold Board (GoldBod) has assumed full control over the artisanal and small-scale gold trading ecosystem, following the enactment of the Ghana Gold Board Act, 2025 (Act 1140). Effective immediately, all gold trading licences issued by the Precious Minerals Marketing Company (PMMC) and the Minister for Mines except those granted to large-scale mining firms have been revoked.
Under the new law, GoldBod becomes the exclusive authority for the buying, selling, assaying, and exporting of gold produced by Ghana’s Artisanal and Small-Scale Mining (ASM) sector. This sweeping reform is aimed at enhancing transparency, eliminating illicit gold trading, and restoring international confidence in Ghana’s gold value chain.
“No person other than the Ghana Gold Board is permitted to export ASM gold from Ghana,” the board said in its official statement.
All gold trading licenses issued by PMMC and the Ministry apart from large-scale firms are now invalid. PMMC-issued licenses will be honored until April 30th 2025 to allow for a smooth transition. However, all transactions during this window must be conducted in Ghana cedis and priced per the Bank of Ghana Reference Rate.
Also, Ghanaians and Ghanaian-owned entities whose licences have expired, as well as new entrants, may apply for a GoldBod licence starting 22nd April 2025 via online or in-person registration.
This implies that foreign nationals must exit the local gold trading market by 30th April 2025. Going forward, they may only engage in purchases directly from GoldBod and are barred from operating within the local ASM value chain.
The statement warns that effective 1st May 2025, any individual or entity engaging in gold trading without a valid GoldBod-issued licence will be in breach of the law and subject to criminal prosecution.
This legislative overhaul underscores Ghana’s commitment to formalising the gold trading sector, aligning it with global standards and tightening fiscal controls over one of the country’s most lucrative but loosely regulated industries.
The government’s long-term objective is to curb illegal gold flows, improve revenue mobilisation, and increase the traceability of gold exported from Ghana, especially as the country positions itself as a key player in responsible mining and green economy initiatives.
This move is widely expected to attract more responsible investment, build institutional trust, and streamline revenue collection from one of Ghana’s most strategic natural resource sectors.
Last Updated on April 15, 2025 by Senel Media
