Effective May 1, 2025, the Ghana Gold Board has announced a ban on all foreigners and non-Ghanaians from participating in the local gold market. As a result, only the Ghana Gold Board will hold exclusive authority to regulate and oversee artisanal and small-scale gold mining activities in the country. This means that foreign traders and other individuals will no longer be permitted to engage in gold trading within Ghana.
Any foreigner or individual who wants to continue to be in the trade will have to “apply to the Ghana GoldBod to buy or off-take gold directly from the GoldBod.” Under the Ghana Gold Board Act (ACT 1140), 2025, passed by Parliament on March 29, 2025 and assented to by the President on April 2, 2025, the Ghana Gold Board (GoldBod) is currently, the sole buyer, seller, assayer and exporter of all gold produced by the licensed Artisanal and Small-Scale Mining (ASM) sector in Ghana, it has been announced.
As part of measures to ensure a smooth transition, the Ghana Gold Board has resolved to allow for gold purchases and exports by persons holding appropriate licenses issued to them by the Precious Minerals Marketing Company (PMMC) and/or the Minister Responsible for Mines until April 30, 2025. The introduction of the Ghana Goldbod is part of reforms aimed at boosting foreign exchange reserves and stabilising the local currency – the Ghana cedi.
A press statement dated April 14, 2025 and issued by the new GoldBod on Monday afternoon stated, “all licenses issued by the Precious Minerals Marketing Company (PMMC) and/or the Minister responsible for Mines to a person other than a large scale mining company to deal in gold, have ceased to be valid”, following the passage of the Ghana Gold Board Act (Act 1140).
“…Pursuant to the Ghana Gold Board Act (ACT 1140), 2025, passed by Parliament on 29th March, 2025 and assented to by the President of the Republic on 2nd April 2025, all licenses issued by the Precious Minerals Marketing Company (PMMC) and/or the Minister responsible for Mines to a person other than a large scale mining company to deal in gold, have ceased to be valid,” it stated.
This means that no person other than the Ghana Gold Board (GoldBod), is permitted to export Artisanal and Small-Scale Mining (ASM) gold from Ghana. Also, no person other than the GoldBod or a licensed buyer or aggregator or service provider of the GoldBod, is permitted to purchase or deal in gold in Ghana, it added.
It has therefore been explained that to ensure a smooth transition and respect for existing contractual obligations between licensed gold buyers and their off-takers, the Ghana Gold Board has resolved to allow for gold purchases and exports by persons holding appropriate licenses issued to them by the PMMC and/or the Minister Responsible for Mines until April 30, 2025. 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 ,it stated.
Attached below is a full copy of the press statement
By: Enoch Darfah Frimpong
