In a landmark move poised to transform the precious metals market, Ghana has introduced sweeping regulatory changes under the new Ghana Gold Board Act (ACT 1140), 2025. This powerful piece of legislation, passed by Parliament on 29th March 2025 and assented to by the President on 2nd April 2025, creates a single authoritative body—the Ghana Gold Board, commonly known as “GoldBod”—to oversee all gold transactions. Read on to discover what this means for artisanal and small-scale mining (ASM), local traders, and foreign investors.
A New Order in Gold Trading
Under the Ghana Gold Board Act, all existing licenses issued by the Precious Minerals Marketing Company (PMMC) and/or the Minister responsible for Mines to individuals or entities—other than large-scale mining companies—are now declared invalid. Going forward, GoldBod will be the sole buyer, seller, assayer, and exporter of all gold produced in the licensed ASM sector of Ghana. In simple terms, no one outside of GoldBod or its authorized partners will be allowed to purchase, deal in, or export gold from Ghana.
Key Changes and Transition Period
• Sole Authority: Only GoldBod or its licensed buyers, aggregators, and service providers can legally deal in or export gold from Ghana.
• Smooth Transition: To honour existing contractual obligations, current licensed buyers will be permitted to continue their gold purchases and exports—calculated in Ghana Cedis using the Bank of Ghana Reference Rate—until 30th April 2025.
• New License Applications: Ghanaian individuals and fully-owned Ghanaian companies whose licenses have expired or who wish to begin dealing in gold must now apply for a new license under the Gold Board Act. Applications can be submitted online via the GoldBod website (active from 22nd April 2025) or physically at the GoldBod Licensing and Regulations Office in Accra.
• Foreign Investor Notice: All foreigners engaged in local gold trading must exit the market by 30th April 2025. However, foreign entities can apply directly to GoldBod if they wish to purchase or off-take gold.
What This Means for the Gold Market
This historic reform is designed to streamline gold transactions and boost transparency in the ASM sector. By centralizing control under GoldBod, the government aims to:
• Enhance Fair Trade: All dealings in gold will now adhere to a standardized pricing mechanism based on the Bank of Ghana’s Reference Rate.
• Protect Local Interests: The Act safeguards Ghana’s natural resources by preventing unauthorized exports and gold trading, ensuring that the benefits of gold production are maximized for the nation.
• Ensure Regulatory Compliance: After 1st May 2025, any person found purchasing or dealing in gold without the appropriate GoldBod license will face strict penalties, reinforcing the importance of compliance.
A Timeless Turning Point in Ghana’s Precious Metals Landscape
The changes brought by the Gold Board Act not only modernize the gold trading framework but also position Ghana as a leader in regulated mining practices on the global stage. This reform underscores the country’s commitment to responsible resource management and economic growth, ensuring that the ASM sector contributes sustainably to national prosperity.
GoldBod’s establishment signals the dawn of a more efficient, transparent, and equitable gold market—one that benefits the local economy and secures Ghana’s status as a leading gold producer worldwide.
Stay tuned as Ghana embarks on this transformative journey—a timeless turning point that will set the benchmark for gold trading practices both regionally and globally
