GoldBod declared sole Authority over all gold trade in Ghana’s ASM sector

The Ghana Gold Board (GoldBod) has announced that it is now the sole buyer, seller, assayer, and exporter of all gold produced by the licensed Artisanal and Small-Scale Mining (ASM) sector in Ghana.

This major announcement was made in a press statement issued on Monday, April 14, 2025, following the recent passage of the Ghana Gold Board Act (Act 1140) by Parliament on March 29 and its assent by the President on April 2.

“All licenses issued by the Precious Minerals Marketing Company (PMMC) and/or the Minister responsible for Mines to a person other than a large scale mining company to deal in gold, have ceased to be valid,” the statement read.

According to GoldBod, this legislative change means no individual or entity other than the Ghana Gold Board is now permitted to export ASM gold from the country. Furthermore, only GoldBod or licensed buyers, aggregators, or service providers authorized by the Board may engage in the purchase or trade of gold within Ghana.

To accommodate existing arrangements, the Board has provided a transition window—until April 30, 2025—for those already holding licenses from the PMMC or the Minister for Mines to continue with their current transactions.

“To ensure a smooth transition and respect for existing contractual obligations… GoldBod has resolved to allow gold purchases and exports by persons holding appropriate licenses until April 30,” the statement clarified.

Cedi-Only Transactions and Central Bank Benchmarking

In line with the new regime, the GoldBod emphasized that all gold purchases must now be made in Ghana cedis, and the pricing will be calculated using the Bank of Ghana Reference Rate, published on the central bank’s official website.

Licensing Opens April 22, Foreigners Ordered to Exit by April 30

Beginning April 22, the GoldBod will accept new license applications for individuals or fully Ghanaian-owned companies wishing to deal in gold. Applications can be submitted online—via a portal that will be activated on the effective date—or physically at the GoldBod headquarters in Accra.

Meanwhile, foreign nationals currently trading in the local gold market have been given a deadline of April 30, 2025, to exit.

“A foreigner may however apply to the GoldBod to buy or off-take gold directly from the GoldBod,” the Board stated.

Stiff Penalties Ahead for Unauthorized Gold Trading

The Board warned of serious consequences for defaulters, stating that it will be a punishable offense to deal in gold without a valid GoldBod-issued license from May 1, 2025.

The statement was signed by Prince Kwame Minkah, Media Relations Officer of GoldBod, and concluded with a call for all stakeholders to align with the new legal framework to ensure responsible and transparent gold trade in Ghana.