The Ghana Gold Board (GoldBod) has officially announced a sweeping change in the regulation of gold trade within the Artisanal and Small-Scale Mining (ASM) sector, following the passage of the Ghana Gold Board Act (Act 1140), 2025.

According to a press statement signed by GoldBod’s Media Relations Officer, Prince Kwame Minkah, all gold trading licenses previously issued by the Precious Minerals Marketing Company (PMMC) and/or the Minister responsible for Mines to persons or entities—other than large-scale mining companies—are no longer valid as of April 2, 2025.

The new law, which was passed by Parliament on March 29 and assented to by the President on April 2, grants the Ghana Gold Board exclusive authority as the sole buyer, seller, assayer, and exporter of gold produced by the licensed ASM sector in Ghana.

The statement emphasized that, going forward, no individual or entity—aside from GoldBod or its licensed buyers, aggregators, or service providers—is permitted to purchase or deal in ASM gold.

Similarly, only GoldBod is authorized to export gold produced in this sector.

However, as part of a transitional arrangement, GoldBod is allowing current licensed gold buyers to continue operations until April 30, 2025, to honour existing contracts and facilitate a smooth changeover.

In line with the new regulations, all gold purchases from the local market must be made in Ghana cedis and calculated based on the Bank of Ghana Reference Rate available at www.bog.gov.gh.

Ghanaians or wholly Ghanaian-owned companies whose licenses have expired—and individuals seeking to enter the gold trading space—are encouraged to apply for a new license under the GoldBod Act, beginning Tuesday, April 22, 2025.

Applications can be made online or in person at the GoldBod Licensing and Regulations Office in Accra.

The statement further directed all foreign nationals currently involved in the local gold trade to exit the market no later than April 30, 2025.

However, foreigners may apply to GoldBod to purchase gold directly from the agency.

The release also served as a strong warning: from May 1, 2025, it will be a criminal offense for any individual or company to trade in gold without a license issued by GoldBod.

The new legislation marks a significant shift in Ghana’s gold trading framework, aimed at tightening regulation, curbing illegal gold exports, and ensuring greater state oversight in the sector.