The Ghana Gold Board Act, 2025 (Act 1140) (the Act), which was passed by Parliament and assented to by the President on 2nd April 2025 has ushered in a transformative era for Ghana1s gold trading and marketing industry. This legislation establishes the Ghana Gold Board (Gold Bod) as a body corporate to undertake and regulate gold trading, marketing, exporting, assaying, refining and other gold-related activities, generate foreign exchange for the country and support the accumulation of gold reserves by the central bank of Ghana. By consolidating and regulating activities in the gold value chain, the Act aims to drive economic revitalization and sustainable growth.
By virtue of Gold Bod being the regulator and the body solely mandated to buy gold from small-scale miners, a person seeking to carry on any business in the gold trading and marketing industry shall obtain a license from GoldBod. Engaging in any gold-related service without the requisite license issued by Gold Bod amounts to a criminal offence. On 23rd April 2025, GoldBod officially commenced the licensing of service providers, marking a significant milestone in the implementation of the Act.

What You Need to Know

1. Transition from PMMC to Gold Bod: The Act dissolves the hitherto Precious Minerals Marketing Company (PMMC) and transfers and expands its mandate to GoldBod, which now holds exclusive rights to buy, sell, assay, and export gold produced by the Artisanal and Small-Scale Mining (ASM) sector. This centralization aims at ensuring tighter regulatory oversight and transparency in the gold market.
2. Revocation of Existing Licenses: Under the new framework, all licenses previously issued by PMMC or the Minister responsible for Mines to individuals or entities, excluding large-scale mining companies, are no longer valid.
3. Exit from Local Gold Market: Following the revocation of previously issued licences, all foreign nationals engaged in local gold trading are required to exit the market by April 30, 2025. After this date, any foreign national engaged in unlicensed trading commits an offence and is liable to the sanctions under the Act. A foreigner may, however, apply to the GoldBod to buy or off-take gold directly from the Gold Bod.
4. Trade and Currency Restrictions
All gold transactions in Ghana are now to be conducted strictly in Ghana cedis at rates determined by the Bank of Ghana Reference Rate. This policy seeks to ensure consistency and stability in pricing as well as to strengthen the local currency.
5. Sanctions for illegal dealings in gold: A person who, without a valid licence, engages in a business or a related activity in the gold trading and marketing industry commits an offence and is liable on summary conviction to a fine of not less than GHS600,000 and not more than GHS2,400,000 or to a term of imprisonment or to both.

Licensing Regime
The licensing regime is only open to Ghanaian citizens or fully Ghanaian-owned companies/partnerships/association, whether incorporated or unincorporated. Applicants who meet the above conditions and whose licences have ceased to be valid, but are interested in dealing in gold, may apply for new licences from the Gold Bod. This requirement aims to ensure that all players in the industry meet the updated criteria for compliance.

Foreign companies may qualify if they enter into joint ventures with Ghanaians, adhering to local participation requirements, or if they partner with GoldBod under a Public-Private Partnership (PPP) framework to provide support to the value chain.
Applications for a licence can be submitted online via Gold Bod’s official website or in person at its main office in Accra. Currently, the categories of licenses available under the new framework are:

a) Aggregator License: For purchasing, aggregating, and supplying gold to GoldBod with seed financing provided by GoldBod.
b) Self-Financing Aggregator License: Similar to the Aggregator License but financed by the aggregator.
c) Buyer License Tier 1: For purchasing gold from miners for onward sale to licensed Tier 2 buyers.
d) Buyer License Tier 2: For purchasing gold from miners or Tier 1 buyers for onward sale to aggregators.

Effective July 2025, additional licenses will be introduced, covering refining, smelting, fabrication, storage, transportation, and importation activities. Applicants must carefully review and accept the terms and conditions of their chosen license category before submission.
Conclusion
The ushering in of the Gold Bod represents a transformative shift in the country’s gold market, aimed at enhancing regulatory oversight, promoting and stabilizing the local economy. The reforms introduce significant adjustments to licensing requirements, gold trade operations, and the roles of both local and international stakeholders. Stakeholders are encouraged to align with the new framework to ensure compliance and explore opportunities within Ghana’s redefined gold value chain.