Goldbod revokes gold dealers' licences

Pursuant to the presidential assent to the Ghana Gold Board Act (ACT 1140) 2025, passed by Parliament on March 29, 2025, all licences issued by the Precious Minerals Marketing Company (PMMC) or the sector minister to small-scale mining companies to deal in gold in the country have been revoked.

The new Act makes the Ghana Gold Board (Goldbod) the sole buyer, seller, assayer and exporter of all gold produced by the licensed artisanal and small-scale mining (ASM) sector.

However, all affected individuals and fully owned Ghanaian companies that still wish to deal in gold in the country can apply for a licence under the Ghana Gold Board Act (Act 1140), 2025, from Tuesday, April 22, 2025.

Furthermore, in a bid to honour the contractual obligations between licensed gold buyers and their off-takers, persons or companies holding the appropriate licences issued by the PMMC or the Minister of Mines have until April 30, 2025, to purchase gold and export same.

Likewise, all foreigners have been given until April 30, 2025, to exit the local gold trading market.

A statement signed by the Media Relations Officer of Goldbod, Prince Kwame Minkah, on April 14, 2025, stated that, henceforth, only Goldbod would be permitted to export artisanal and small-scale mining gold from Ghana.

It added that no person other than the Goldbod or a licensed buyer, aggregator or service provider of the Goldbod was permitted to purchase or deal in gold in the country.

The statement indicated that for the time being, all licensed persons or entities buying gold from the local market must do so in Ghana cedis and at a price calculated based on the Bank of Ghana reference rate published on www.bog.gov.gh.

“An application for a Goldbod licence may be done online, via the website of the Goldbod (to be activated and published on the effective date for licence applications, April 22, 2025) or physically at the Goldbod Licensing and Regulations Office located at our head office in Accra,” the statement said.

It added that a foreigner may also apply to the Goldbod to buy or off-take gold directly from the Goldbod.

Background

On March 29, 2025, Parliament passed the Act establishing the Ghana Gold Board, a regulatory body tasked with overseeing gold transactions and accumulating foreign exchange to stabilise the cedi.

It is expected to purchase up to three tonnes of gold per week, generating approximately $250 million in foreign exchange weekly.

The government also earmarked GH¢4.6 billion in the 2025 budget as seed capital to ensure a smooth take-off of the Goldbod.

The establishment of the Goldbod aligns with the 2024 election campaign pledge of the National Democratic Congress (NDC) to stabilise the local currency and bolster the economy against external shocks through gold-backed forex reserves.