Starting May 1, 2025, any individual or entity found dealing in gold without a valid license from the Ghana Gold Board (GoldBod) will face prosecution. This landmark decision, announced on April 14, 2025, is part of sweeping reforms under the newly enacted Ghana Gold Board Act (Act 1140) aimed at curbing illegal gold trading and streamlining the artisanal and small-scale mining (ASM) sector in Ghana.
The Act establishes GoldBod as the sole authority for buying, selling, assaying, and exporting gold from licensed ASM operators. In a statement, GoldBod stressed that all local gold transactions must now be conducted in Ghana cedis, with prices benchmarked against the Bank of Ghana (BoG) Reference Rate.
“This initiative is designed to ensure transparency, stabilize pricing, and mitigate the risks associated with illicit foreign currency dealings in Ghana’s artisanal gold trade,” the statement emphasized.
Transition Period and Licensing Overhaul
The new regulations render all existing licenses issued by the Precious Minerals Marketing Company (PMMC) and the Ministry of Mines invalid, leaving GoldBod as the sole licensing authority. However, a transitional window has been provided until April 30, 2025, allowing those with valid licenses to conclude their operations.
From May 1, 2025, trading gold without a GoldBod-issued license will be a criminal offense. Foreign nationals currently involved in local gold trading must also exit the market by the end of April 2025. Foreign entities interested in purchasing gold will only be allowed to do so directly from GoldBod under strict conditions.
Licensing Reforms and Accessibility
In a bid to streamline access, GoldBod has announced that new licensing applications will open on April 22, 2025. The process will accommodate both online and in-person submissions at GoldBod’s head office in Accra, exclusively for Ghanaians and wholly Ghanaian-owned companies.
A Bold Move Against Illegal Mining
These reforms reflect the government’s intensified efforts to tackle illegal mining and its associated challenges, including environmental degradation, loss of revenue, and currency instability. By centralizing operations and mandating transactions in Ghana cedis, GoldBod seeks to build a transparent and sustainable gold trade ecosystem that benefits both miners and the broader economy.
Industry stakeholders have welcomed the initiative, though some have expressed concerns about potential bottlenecks in the licensing process. Nevertheless, with GoldBod’s commitment to efficiency and regulatory enforcement, this move could mark a significant turning point in Ghana’s gold trade landscape.
This initiative not only tightens the reins on illegal gold trade but also aligns with broader national efforts to formalize the artisanal mining sector, making it more accountable and economically viable for the nation.
Story by: Mercy Addai Turkson #ahotoronline.com
