The Ghana Gold Board has taken over as the sole buyer, seller, assayer, and exporter of gold from licensed artisanal and small-scale miners, effective April 2, 2025.
According to a press statement issued today by Prince Kwame Minkah, Media Relations Officer of the Ghana Gold Board, this move follows the passage of the Ghana Gold Board Act (Act 1140) by Parliament on March 29, 2025, and its subsequent assent by the President on April 2, 2025.
Under the new arrangement, all licenses issued to individuals or entities, except large-scale mining companies, to deal in gold have ceased to be valid.
Existing license holders have been granted a transition period until April 30, 2025, to continue buying and exporting gold. During this period, they are required to purchase gold in Ghana cedis at prices calculated based on the Bank of Ghana Reference Rate.
Ghanaians whose licenses have been invalidated can apply for new licenses under the Ghana Gold Board Act starting April 22, 2025. Applications can be submitted online or physically at the GoldBod’s office in Accra.
However, foreigners have been directed to exit the local gold trading market by April 30, 2025, unless they apply to buy or off-take gold directly from the Ghana Gold Board.
The Ghana Gold Board’s new role is expected to help formalize the gold sector, reduce smuggling, and increase foreign exchange earnings. From May 1, 2025, dealing in gold without a valid license from the Ghana Gold Board will be a punishable offense. The public is advised to comply with the new regulations to avoid penalties.
The Board’s establishment is a significant step towards achieving Ghana’s economic goals, and its impact is expected to be felt across the gold sector.
Below is the full statement.
