The Ghana Gold Board (GoldBod) announced today that, effective May 1, 2025, anyone buying or selling gold without a valid GoldBod license will face criminal charges.

The bold move is part of the newly passed Ghana Gold Board Act (Act 1140), aimed at cracking down on the rampant illicit gold trade and foreign currency speculation that have long plagued the country’s artisanal and small-scale mining (ASM) sector.

Cedis Only, Please
GoldBod has also made it clear: all gold transactions must now be settled in Ghana cedis, not dollars or any other foreign currency. Prices will be pegged to the Bank of Ghana Reference Rate, updated regularly on the central bank’s website.

“This is about cleaning up the system,” the Board said in a statement. “We’re bringing transparency, price stability, and tighter controls to an industry that has operated in the shadows for far too long.”

GoldBod Takes Over
Under the new law, GoldBod becomes the sole legal buyer, seller, assayer, and exporter of gold from the ASM sector. All previous licenses issued by the Precious Minerals Marketing Company (PMMC) or the Ministry of Mines are officially null and void.

A transitional period has been granted until April 30, 2025, for businesses with existing licenses to wind down operations. After that, the crackdown begins.

Foreigners, Take Note
GoldBod’s message to non-Ghanaians is unequivocal: exit the local gold trade by April 30, 2025. While foreign entities can still buy gold, they must now do so directly from GoldBod—and only under strict conditions.

New Licensing Opens April 22
Ghanaian citizens and wholly Ghanaian-owned companies looking to stay in the game can apply for new licenses starting April 22, either online or at GoldBod’s headquarters in Accra.

With Ghana’s gold trade stepping out of the informal economy and into tighter regulatory control, the stakes just got higher for unlicensed players.

Source:TheDotNews