The Ghana Gold Board has announced new directives for gold trading in the country, effective immediately.
According to a statement signed by Prince Kwame Minkah, Media Relations Officer of the Ghana Gold Board, all licensed persons or entities buying gold from the local market are required to do so in Ghana cedis, with prices calculated based on the Bank of Ghana Reference Rate published on https://www.bog.gov.gh
The Ghana Gold Board has also stated that existing licenses issued by the Precious Minerals Marketing Company (PMMC) and/or the Minister responsible for Mines have ceased to be valid, except for large-scale mining companies.
However, a transition period has been granted until April 30, 2025, for licensed gold buyers and exporters to wrap up existing contractual obligations.
Ghanaians or fully-owned Ghanaian companies whose licenses have ceased to be valid are encouraged to apply for new licenses under the Ghana Gold Board Act (Act 1140), effective April 22, 2025. License applications can be submitted online via the Ghana Gold Board website or physically at the GoldBod Licensing and Regulations office in Accra.
The Ghana Gold Board has also directed that all foreigners 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.
From May 1, 2025, purchasing or dealing in gold without a valid license from the Ghana Gold Board will be a punishable offense.
The Ghana Gold Board is now the sole buyer, seller, assayer, and exporter of all gold produced by the licensed Artisanal and Small-Scale Mining (ASM) sector.
The Board’s new role is expected to help formalize the gold sector and increase foreign exchange earnings.