Ghana Centralises Gold Trade Under New Licensing Regime

Ghana has implemented a comprehensive overhaul of its gold trading framework, mandating that all individuals and entities involved in the sector obtain licences from the newly established Ghana Gold Board . This directive, effective from 1 May 2025, renders all previous licences issued by the Precious Minerals Marketing Company or the Ministry of Lands and Natural Resources invalid. Non-compliance will result in criminal prosecution.

The GoldBod Act, passed by Parliament on 29 March and assented to by President John Dramani Mahama on 2 April, grants GoldBod exclusive authority over the purchase, sale, assaying, and export of gold produced by licensed small-scale miners. The initiative aims to curb illegal mining activities, commonly referred to as “galamsey,” and to enhance the country’s foreign exchange reserves by streamlining gold trading operations.

Under the new regulations, foreign entities are prohibited from participating in Ghana’s gold trading market unless they obtain a GoldBod-issued licence. All foreign participants were required to exit the market by 30 April 2025. However, foreign companies may still apply to purchase gold directly through GoldBod, subject to stringent licensing requirements, including a minimum capital threshold of $5 million.

To facilitate the transition, GoldBod has extended the deadline for Ghanaian gold traders holding former PMMC or ministerial licences to reapply under the new regime. The new deadline is set for 21 May 2025. Applicants are required to submit comprehensive documentation, including proof of business registration, financial disclosures, tax compliance certificates, and anti-money laundering declarations. Incomplete or erroneous applications may result in disqualification.

The enforcement of the new licensing framework has already led to legal action. On 29 April, three Indian nationals were arrested on suspicion of operating a gold smuggling syndicate that allegedly exported significant quantities of gold out of Ghana over a decade. The individuals have pleaded guilty and are scheduled for a court hearing on 12 May.