Illegal gold trade to be criminalized from May 1 – GoldBod

Starting May 1, 2025, it will be a punishable offense to purchase or deal in gold in Ghana without a valid license from the Ghana Gold Board (GoldBod), according to a statement issued by the Board on April 14, 2025.

As part of the changes outlined in the newly passed Ghana Gold Board Act (Act 1140), 2025, GoldBod emphasized that all gold transactions in the local market must now be conducted in Ghana cedis, with prices calculated based on the Bank of Ghana Reference Rate published on the central bank’s official website.

“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 said.

The new regulations come as the GoldBod assumes the sole role of buyer, seller, assayer, and exporter of gold from the licensed Artisanal and Small-Scale Mining (ASM) sector in Ghana.

Under the Act, all licenses previously issued by the Precious Minerals Marketing Company (PMMC) and/or the Minister responsible for Mines to entities outside large-scale mining have now been invalidated.

While a transitional window has been granted until April 30, 2025, to allow those with prior valid licenses to complete their operations, the Board has issued a stern warning: effective May 1, any individual or entity found trading gold without a GoldBod-issued license will face legal action.

“All foreigners are also directed to exit the local gold trading market no later than April 30, 2025,” the statement added.

Foreign entities may, however, apply to buy gold directly from GoldBod under specific conditions.

The Board also announced that new licensing applications—open to Ghanaians and fully Ghanaian-owned companies—will begin on April 22, 2025, through both online and in-person channels at GoldBod’s head office in Accra.

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