The Chief Executive Officer of the Ghana Gold Board (GoldBod), Mr. Sammy Gyamfi, has announced the full operationalization of the Ghana Gold Board Act, 2025 (Act 1140), which came into force on April 2, 2025, following its passage by Parliament on March 29 and assent by President John Dramani Mahama.
Addressing the media at a press conference in Accra, Mr. Gyamfi said the new law marks a historic shift in Ghana’s gold trading framework, ending the previous regulatory regime under the Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources. The PMMC is now undergoing dissolution without winding up under Section 289 of the Companies Act.
“The new law repeals all licenses previously issued by the PMMC or the Ministry. Section 78 of the Act states clearly that such licenses ceased to be valid upon the law coming into effect,” he said.
Mr. Gyamfi disclosed that all foreigners engaged in gold trading locally were given up to April 30, 2025, to exit the market. “Starting tomorrow, May 1, 2025, any foreigner found trading gold directly in Ghana will be committing a criminal offense, and we will enforce the law strictly.”
Three legal channels for foreign participation
The CEO outlined three legal avenues through which foreigners can still engage in Ghana’s gold sector:
1. Off-taker Agreements – Foreigners can apply to the Gold Board to buy gold directly from the government through structured agreements. These purchases will be facilitated and exported by the Gold Board.
2. Partnership with Ghanaian Aggregators – Foreigners can fund licensed Ghanaian “Self-Financing Aggregators,” who must meet a minimum capital threshold equivalent to $5 million (for at least 50kg of gold). All financing must be channeled through the Gold Board, which will convert the funds into cedis and disburse them to aggregators.
3. Value Addition Ventures – Foreigners may apply for licenses to operate gold refineries or jewelry manufacturing companies. However, such entities must source all gold directly from the Gold Board. “We will not allow companies to use value addition licenses as a front for smuggling,” Mr. Gyamfi emphasized.
Grace Period for Ghanaian Traders Ends
Mr. Gyamfi also addressed Ghanaians who held gold trading licenses under the previous regime. He reminded them that their licenses are no longer valid under the new law and encouraged them to apply for new ones via the Gold Board’s online portal.
“Although the grace period ends today, we’ve observed that many have either not started or not completed the application process. A few have submitted, and those are under review,” he said, urging compliance within the next few days to avoid enforcement action.
The Gold Board, according to Mr. Gyamfi, is committed to restructuring the sector in a way that optimizes foreign exchange earnings and increases the Bank of Ghana’s gold reserves. “We are not out to punish people unnecessarily, but we will not hesitate to enforce the law to sanitize the gold trading space.”
