A new gold trading licensing regime has begun to eliminate illegal gold trading and smuggling across the country.
The implementation of the new licensing regime has, therefore, made it illegal to deal or trade in gold within the country without authorisation (licensing) from the Ghana Gold Board (GoldBod), which holds the exclusive mandate to oversee, buy, sell, assay, refine and export gold, as well as regulate the gold trading sector.
“The new gold board licensing regime has taken full effect.
Only Ghanaians who have gone through the approved process, who met the deadline and have been duly licensed by the board, can now legally trade gold in Ghana.
Anyone else trading outside this framework violates the law and you are committing a crime if you buy gold or engage in any form of gold trading,” the Managing Director of the GoldBod, Sammy Gyamfi, announced at a press conference in Accra last Monday.
He stated that, pursuant to the Ghana Gold Board Act, 2025 (Act 1140), any individual or entity found trading gold without a GoldBod licence committed an offence and was liable, upon summary conviction, to a fine and/or a term of imprisonment.
He added that only individuals and entities with a valid licence from the GoldBod under the new framework could legally engage in gold trading activities in the country.
Mr Gyamfi stated that all licences previously issued by the now-defunct Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources have been revoked under the new Ghana Gold Board Act (Act 1140).
“That legal regime has come to an end. No one is allowed to operate under those old licences anymore,” he added.
Subsequently, the GolBod, Mr Gyamfi said, had approved 240 gold buyer licences as of June 21 this year.
He, however, explained that 123 licences had been printed and issued, with the remaining pending the completion of final procedures, including verification and payment.
Approved for trading
The new regime is part of government efforts to streamline and regulate the gold trading sector in Ghana.
On April 23, 2025, GoldBod announced the cancellation of all existing licences to service providers in the gold trading sector as part of measures to formalise and regulate the industry.
It asked those interested to reapply under the new legal framework, which commenced on the same day, clarifying that licensing was available to Ghanaians aged 18 and over as well as wholly Ghanaian-owned companies.
The board gave all traders a final deadline to register and apply for the appropriate licences, which was extended twice to June 21 this year.
Penalty
“A fine of not less than 50,000 and not more than 200,000 penalty units, or imprisonment for a term between five and 10 years or both,” Mr Gyamfi warned of the consequences of breaching the licensing regime.
He then urged all stakeholders to comply with the new licensing regime and support efforts to establish Ghana's responsible, transparent, and economically advantageous gold trading system.
Applications
Mr Gyamfi said that the board received over 300 Tier 1 Buyer Licence applications, nearly 200 Tier 2 Buyer Licence submissions, about 30 applications for Self-Financing Aggregator Licences, and 15 for Aggregator Licences.
He noted that although the board extended deadlines for gold traders to regularise their operations, its doors remained open to accept new applications.
“Do not assume that applying for a licence permits you to trade. You must wait for your licence to be issued. Otherwise, you are in breach of the law,” Mr Gyamfi warned.
