In a decisive move to tighten oversight of Ghana’s artisanal and small-scale mining (ASM) gold trade, the Ghana Gold Board (GoldBod) has announced that all existing gold trading licenses issued by the Precious Minerals Marketing Company (PMMC) or the Minister for Mines except those held by large-scale mining companies are no longer valid
This new directive is grounded in the Ghana Gold Board Act (Act 1140), passed by Parliament on March 29 and assented to by the President on April 2, 2025.
With immediate effect, GoldBod becomes the sole legal buyer, seller, assayer, and exporter of all gold produced by licensed ASM operators in Ghana a sweeping reform aimed at curbing smuggling, streamlining trade, and ensuring full state oversight of the ASM sector.
To avoid operational disruptions, GoldBod has provided a transitional grace period.
Individuals or companies holding licenses from the PMMC or the Minister may continue their operations until April 30, 2025.
However, starting May 1, dealing in gold without a GoldBod-issued license will be considered a punishable offense.
In a move to assert monetary control and localize transactions, the statement further instructed all licensed local gold buyers to trade exclusively in Ghana cedis, using exchange rates referenced on the Bank of Ghana’s website.
Additionally, in a landmark shift, foreign nationals have been directed to exit the local ASM gold trading market by April 30, 2025.
While foreigners may still apply to GoldBod to purchase gold directly, they will no longer be permitted to operate independently within the local ASM trade.
Credit: CNR