In a bid to streamline the regulatory framework for gold trading in Ghana, the Ghana Gold Board (GoldBod) has extended the deadline for transitioning to its new licensing regime. Initially set for May 21, 2025, the deadline has now been shifted to June 21, 2025, following appeals from stakeholders requesting additional time to comply with the new regulations.
This extension grants individuals and businesses operating under licences issued by the defunct Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources an additional month to trade legally while they transition to the new regime.
Strict One-Time Extension
GoldBod has emphasized that this extension is final and non-negotiable. In a statement, the Board reiterated:
“While applications for a GoldBod licence will remain open after June 21, 2025, only those with valid GoldBod licences will be permitted to purchase, sell, or deal in gold beyond this date. Violations will be met with stringent legal action under the Ghana Gold Board Act, 2025 (Act 1140).”
The Board warned that licences issued by PMMC and the Ministry of Lands and Natural Resources would no longer be valid beyond the new deadline.
Ceasing Export Functions of Old Licences
In a significant policy shift, GoldBod announced that, effective May 22, 2025, export privileges attached to old licences issued by the Ministry of Lands and Natural Resources would be revoked. Moving forward, GoldBod will serve as the sole entity authorized to oversee the export of small-scale gold from Ghana.
This change, according to GoldBod, is aimed at enhancing regulatory oversight and ensuring all gold exports adhere to a unified and transparent framework.
Encouraging Compliance and Cooperation
GoldBod has urged all stakeholders in the gold trading sector to apply for licences through its official platform, www.goldbod.gov.gh. It also clarified that while applications can be submitted beyond the June deadline, operating without a valid GoldBod licence will be illegal and strictly penalized.
The Board expressed optimism about the new measures, highlighting their alignment with the national vision of optimizing benefits from Ghana’s gold resources. It reaffirmed its dedication to fostering a sustainable and well-regulated gold industry that serves the country’s broader economic goals.
A Call to Action
In its closing remarks, GoldBod appealed to all stakeholders to collaborate in this transition. It underscored the importance of a unified approach to advancing the gold sector, aligning with the vision of President John Dramani Mahama to ensure Ghana’s mineral wealth is managed efficiently and responsibly.
This extension offers a critical window for stakeholders to adapt to the changes while reaffirming GoldBod’s commitment to transparency, sustainability, and the long-term development of Ghana’s gold industry.
Story by: Mercy Addai Turkson #ahotoronline.com
