The Ghana Gold Board (GoldBod) has announced the termination of all gold trading licenses previously granted by the Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources. This move marks a significant shake-up in Ghana’s gold trading landscape, with GoldBod now serving as the exclusive buyer, seller, assayer, and exporter of gold produced by Ghana’s licensed Artisanal and Small-Scale Mining (ASM) sector.
The Ghana Gold Board Act (Act 1140), 2025, empowers GoldBod to regulate and streamline the sector, curbing gold smuggling and improving foreign exchange accumulation. By assuming the role of sole buyer and exporter, GoldBod aims to formalize gold trading, promote transparency, and ensure full repatriation of foreign exchange earnings. This move is expected to stabilize the Ghanaian cedi and maximize revenue from gold exports.
To facilitate a smooth transition, GoldBod has granted a temporary window allowing PMMC-licensed entities to continue trading and exporting gold until April 30, 2025. This accommodation is designed to avoid disruptions in the sector and honor ongoing contracts. After this deadline, only GoldBod will be permitted to export ASM gold from Ghana, effectively consolidating the agency’s monopoly over local and international ASM gold transactions.
The establishment of GoldBod is a key initiative aimed at maximizing Ghana’s gold resources and stabilizing its currency. By formalizing the gold trade and promoting traceability, GoldBod seeks to enhance the international reputation of Ghanaian gold and pursue certification from the London Bullion Market Association (LBMA). A comprehensive legal framework will grant GoldBod exclusive rights to streamline gold trading, ensuring better monitoring and compliance.
The government’s decision to establish a revolving fund to purchase all gold produced by small-scale miners will inject liquidity into the sector and boost confidence. With Ghana positioned to fully leverage its gold resources, GoldBod is anticipated to become a cornerstone of economic transformation, unlocking the true value of Ghana’s gold for the nation’s benefit.
Story by: Ohemaa Adusi-Poku
