Unlicensed Gold Trading to Become Criminal Offense in Ghana Starting May 1 – GoldBod Warns
📍 Accra, Ghana – April 14, 2025 — The Ghana Gold Board (GoldBod) has issued a strong warning that effective May 1, 2025, it will be a criminal offense to buy, sell, or deal in gold without a valid license issued by the Board, following the passage of the Ghana Gold Board Act (Act 1140), 2025.
In a press release on Monday, April 14, GoldBod outlined sweeping reforms to regulate the artisanal and small-scale gold mining (ASM) sector. The new law officially invalidates all licenses previously issued by the Precious Minerals Marketing Company (PMMC) and the Minister for Mines, placing GoldBod as the sole authority for buying, selling, assaying, and exporting gold from the ASM sector.
Key Changes Effective May 1:
- All gold transactions must be conducted in Ghana cedis, not foreign currency.
- Prices are to be determined using the Bank of Ghana Reference Rate.
- All previous licenses are null and void; only GoldBod-issued licenses will be recognized.
- Foreigners are banned from local gold trade and must exit the market by April 30, 2025.
- Legal action will be taken against any entity or individual found violating these rules.
“This is to ensure transparency, stability in pricing, and to reduce the risks of illicit foreign currency dealings in the artisanal and small-scale gold trade,” the Board stated.
Application Process for New Licenses
New license applications will open on April 22, 2025, and will be strictly available to Ghanaians and Ghanaian-owned companies. Submissions can be made online or in-person at the GoldBod head office in Accra.
Foreign entities seeking to trade in Ghana’s gold can only do so directly with GoldBod under specific guidelines yet to be published.
A transitional window is in place until April 30, 2025, allowing currently licensed businesses to wrap up operations.
Sector Overhaul to Fight Illegal Trade
This move is part of a broader government effort to sanitize Ghana’s gold trade, which has been plagued by illicit exports, tax losses, and currency irregularities. The centralized role of GoldBod is expected to boost national revenue, support local economies, and enforce compliance within the sector.
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