The Ghana Gold Board (GoldBod) has issued an ultimatum to foreigners and Ghanaian gold dealers, outlining new regulations for the gold trading market. According to Prince Minka, the Gold Board’s PRO, foreigners are required to exit the local gold trading market. However, they can still purchase gold from the Gold Board by submitting a letter of intent for investigation.
If deemed legitimate, foreigners can sign a memorandum of understanding and buy any amount of gold, which will be shipped to their desired location. This move aims to regulate the gold trade and ensure that transactions are legitimate and secure.
For Ghanaian citizens, the Gold Board has set a deadline of May 21, 2025, to acquire licenses. The license will enable them to buy and sell gold in the country, providing them with the necessary security and protection. Without a license, individuals’ risk being classified as illegal miners, which can lead to severe consequences.
The new regulations highlight the Gold Board’s efforts to streamline the gold trading industry and prevent illegal activities. By requiring licenses and regulating foreign involvement, the Board aims to maintain control over the gold market and ensure that all transactions are transparent and legitimate.
Ghanaian gold dealers must take note of the deadline and acquire licenses to continue operating in the industry. Foreigners interested in buying gold from Ghana can still do so through the Gold Board, but they must follow the necessary procedures and meet the required standards. The Gold Board’s regulations aim to promote a safe and regulated gold trading environment.
The implementation of these regulations may have significant implications for the gold industry in Ghana. It may lead to increased compliance and transparency, ultimately benefiting the country’s economy. However, it may also pose challenges for some gold dealers who are not prepared to meet the new requirements.
In conclusion, the Ghana Gold Board’s ultimatum marks a significant development in the country’s gold trading industry. By regulating foreign involvement and requiring licenses, the Board aims to maintain control over the gold market and promote a safe and legitimate trading environment.
Story by: Ohemaa Adusi-Poku
