The Ghana Gold Board has commenced full-scale enforcement of the country’s revised gold trading licencing regime, in line with the Ghana Gold Board Act, 2025 (Act 1140). This marks a landmark shift in Ghana’s gold trading landscape, as the government moves to eliminate illegal trade, boost formalisation, and maximise economic returns from its mineral wealth.

At a press conference held in Accra, Chief Executive Officer of the Ghana Gold Board, Mr. Sammy Gyamfi, announced that from now on, only individuals and entities licenced by the Gold Board may engage in gold trading within Ghana’s borders.

“The new gold board licencing regime has taken full effect.
“What this means is simple, only Ghanaians who have gone through the due process and have been issued a licence by the Ghana Gold Board can legally engage in gold trading in Ghana.”
Mr. Sammy Gyamfi, Chief Executive Officer of GoldBod

Mr. Gyamfi cautioned that engaging in gold trading without a valid licence now constitutes a criminal offence under Act 1140.

“If you are not licenced by the Ghana Gold Board, you are committing a crime if you buy gold or engage in any form of gold trading.
“You risk being prosecuted, fined heavily, or imprisoned under Section 63 of the Ghana Gold Board Act.”
Mr. Sammy Gyamfi, Chief Executive Officer of GoldBod

That section prescribes penalties ranging from 50,000 to 200,000 penalty units or a prison term between five and ten years—or both.

The 2025 Act also revokes all previous licences issued by the defunct Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources for gold trading purposes. As a result, legacy licences are now considered null and void.

National Gold Task Force to Launch in July

To bolster enforcement and curb gold smuggling, the President of Ghana, H.E. John Dramani Mahama, will inaugurate a specialised Gold Board Task Force on July 8, 2025, at the National Security Secretariat (Blue Gate) in Accra.

The Task Force will operate with full powers equivalent to the police, focusing on illegal gold trading, smuggling operations, and price manipulation.

“This specialised security unit will work in collaboration with an intelligence network already deployed nationwide to track the activities of illegal gold traders and smuggler.
“Their operations will help safeguard national revenue and ensure Ghana derives maximum benefit from its gold resources.”
Mr. Sammy Gyamfi, Chief Executive Officer of GoldBod

According to the Gold Board CEO, by the final deadline of June 21, 2025, over 300 applications had been received for Tier 1 Buyer Licences, approximately 200 applications for Tier 2 Buyer Licences, 30 applications for Self-Financing Aggregator Licences, and 15 applications for Aggregator Licences.

Of these, more than 240 licences have been approved after applicants met the board’s stringent eligibility requirements.

Although the final application deadline was June 21, 2025, the Gold Board clarified that licencing applications remain open on a rolling basis.

However, unlicenced individuals or businesses are prohibited from engaging in gold trading until they receive formal approval.

Transparent, Digitised Application Process

To promote efficiency and eliminate bureaucratic bottlenecks, the Ghana Gold Board has digitised its entire licencing process.

Applicants receive email notifications and access their updates via online dashboards. Licence fees are paid securely through the Ghana.gov platform.

“We have adopted a digital-first approach to promote transparency, efficiency, and traceability in the gold trade.”
Mr. Sammy Gyamfi, Chief Executive Officer of GoldBod

The full implementation of the Ghana Gold Board Act, 2025 is part of the government’s broader agenda to restructure Ghana’s gold trading ecosystem, increase formal sector participation, and clamp down on illicit financial flows resulting from gold smuggling.

By formalising the industry, the government hopes to secure higher export earnings, improve tax revenue collection, and create a transparent value chain that benefits small-scale miners and the Ghanaian economy at large.

“The time for operating under outdated licences and opaque practices is over.
“This new regime is about restoring integrity and ensuring Ghanaians truly benefit from our nation’s gold wealth.”
Mr. Sammy Gyamfi, Chief Executive Officer of GoldBod

As enforcement efforts ramp up and the Gold Board Task Force becomes operational, Ghana’s gold trade is poised to undergo a major transformation.

Stakeholders are encouraged to adhere to the new framework, prioritise legal compliance, and contribute to building a transparent and equitable gold trading ecosystem.