GoldBod issues short deadline for all foreigners to exit local gold trading market

The newly-constituted Ghana Gold Board (GoldBod) has issued a short deadline of 30th April 2025 for all foreigners to exit the local gold purchasing market.

In a statement dated Monday, 14th April, the Board stated that, pursuant to the Ghana Gold Board Act (Act 1140), 2025, all licences previously issued by the Precious Minerals Marketing Company (PMMC) and/or the Minister responsible for Mines to any person other than a large-scale mining company to deal in gold have ceased to be valid.

The GoldBod is now the sole buyer, seller, assayer, and exporter of all gold produced by the licensed Artisanal and Small-Scale Mining (ASM) sector.

The statement read:

ALSO READ: 5 ways to avoid paying expensive water bills after recent PURC tariff increase

To ensure a smooth transition and to respect existing contractual obligations between licensed gold buyers and their off-takers, the Board noted that:

Furthermore, all licensed persons or entities currently buying gold from the local market must conduct transactions in Ghana cedis, with prices based on the Bank of Ghana Reference Rate, as published on www.bog.gov.gh.

The statement also encouraged Ghanaian individuals or wholly Ghanaian-owned companies whose licences have ceased to be valid—and those interested in engaging in gold trading—to apply for a new licence under the Ghana Gold Board Act (Act 1140), 2025, effective Tuesday, 22nd April 2025.

ALSO READ: ‘I want to stop’- Internet fraudster willingly reports himself to authorities

The GoldBod issued a stern warning that, from 1st May 2025, any person dealing in gold without a valid licence from the Ghana Gold Board will be committing a punishable offence.