Sammy Gyamfi, MD of GoldbodThe Ghana Gold Board has officially become the sole buyer, seller, assayer, and exporter of gold from licensed artisanal and small-scale miners, effective April 2, 2025.
This decision follows the passage of the Ghana Gold Board Act (Act 1140) by Parliament on March 29, 2025, and its subsequent approval by the President on April 2, 2025, as stated in a press release by Prince Kwame Minkah, the Media Relations Officer of the Ghana Gold Board.
Under the new regulations, all licenses issued to individuals or entities, excluding large-scale mining companies, to trade in gold will no longer be valid. Existing license holders will have a transition period until April 30, 2025, to continue buying and exporting gold. During this time, they are required to purchase gold in Ghanaian cedis at prices determined by the Bank of Ghana Reference Rate.
Ghanaians whose licenses have been invalidated will be able to apply for new licenses under the Ghana Gold Board Act starting April 22, 2025. Applications can be submitted online or in person at the Gold Board’s office in Accra.
Foreigners are required to exit the local gold trading market by April 30, 2025, unless they apply to purchase or off-take gold directly from the Ghana Gold Board.
The new role of the Ghana Gold Board is expected to help formalize the gold sector, reduce smuggling, and increase foreign exchange earnings. Beginning May 1, 2025, dealing in gold without a valid license from the Ghana Gold Board will be considered a punishable offense. The public is urged to comply with these new regulations to avoid penalties.
The establishment of the Board marks a significant step toward achieving Ghana’s economic objectives, and its anticipated impact is expected to resonate throughout the gold sector.
