A significant transformation is occurring in Ghana’s gold industry due to the recent implementation of the Ghana Gold Board Act (Act 1140), 2025, which transfers complete oversight of the artisanal and small-scale mining (ASM) gold trade to a singular state-operated entity known as the Ghana Gold Board (GoldBod).
Under the new law, which was passed by Parliament on March 29 and signed by President Nana K. A. on April 2, all licenses previously issued by the Precious Minerals Marketing Company (PMMC) and the Ministry of Mines to individuals or non-large scale entities will become invalid from May 1, 2025.
In an official statement, “The GoldBod is now the sole authority for the purchase, sale, assay, and export of ASM gold. Anyone wishing to continue in the business must obtain a new license under the 2025 Act,” the statement reads.
To minimize disruption, the government has granted a short grace period until April 30, allowing current license holders to fulfill existing contracts. Applications for new licenses will officially open on April 22, 2025, and can be submitted online or in person at the GoldBod’s head office in Accra.
The statement from GoldBod further directed all gold purchases to be conducted in Ghana cedis. Also, pricing must align with the Bank of Ghana Reference Rate, updated regularly on www.bog.gov.gh.
Foreign entities are required to exit the local gold trading market by April 30. However, they may apply to buy gold directly from GoldBod.
Beginning May 1, 2025, it will be a criminal offense to purchase or deal in gold without a valid GoldBod license.
Source: Richard Nana Appiah Kubi/Ahotoronline.com
