The Ghana Gold Board has issued a stern warning to individuals trading gold without a license, following GhanaWeb’s recent documentary, which uncovered numerous shops in Wassa-Akropong operating without the necessary permits.
The documentary, titled “The Gold Market That Fuels Galamsey,” highlighted the proliferation of unlicensed gold shops in the Western Region town, where the lucrative nature of gold trading has driven widespread illegal small-scale mining.
Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has warned that anyone trading gold without a valid GoldBod license will be arrested and prosecuted.
Addressing journalists on June 30, 2025, Gyamfi stated, “If you are not licensed by the Ghana Gold Board, you are committing a crime if you buy gold or engage in any form of gold trading.”
He emphasised that traders holding licenses under the now-defunct Precious Minerals Marketing Company (PMMC) regime can no longer operate unless they reapply under the new GoldBod system.
“We will no longer continue to recognize licenses issued under the old regime,” he added.
On compliance, Gyamfi noted that President John Dramani Mahama is set to inaugurate the GoldBod Taskforce to clamp down on illegal gold trading, gold smuggling, and price distortions in the gold market.
“With the establishment of the Gold Board and the integration of the task force under the direction of President Mahama and the Minister of Finance, we hope to intensify the fight against smuggling. The approach so far has been ad hoc. We have been relying on national security personnel on a temporary basis.
“So, you realise that anytime we deploy national security, the market becomes disciplined. But when they are withdrawn, illegal activities quickly resume,” he said.
Sammy Gyamfi stressed that the new task force will be permanent and will serve as a constant enforcement presence in the gold market.
“This time around, we are not going to recall them. We will have a permanent, standby force protecting the national interest, ensuring that everyone trading in gold is licensed.
“To have a license means we have your data, we’ve conducted the necessary due diligence on you, we know the source of the funds you’re using to trade in gold, and we can confirm that it’s clean money, not connected to money laundering or terrorism financing,” he explained.
According to Gyamfi, these initiatives form part of the government’s broader agenda to combat illegal mining and safeguard the environment.
GhanaWeb Special: The gold market that fuels galamsey
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