Gold Board revokes gold purchasing licenses issued to persons other than a large-scale mining company

The government, through the Ghana Gold Board Act (ACT 1140), 2025, has revoked all licenses issued by the Precious Minerals Marketing Company (PMMC) and/or the Minister responsible for Mines to a person other than a large-scale mining company to deal in gold.

In a statement issued and signed by the Media Relations Officer, GoldBod, Prince Kwame Minkah, the GoldBod is currently, the sole buyer, seller, assayer and exporter of all gold produced by the licensed Artisanal and Small-Scale Mining (ASM) sector.

“As such, no person other than the Ghana Gold Board (GoldBod) is permitted to export ASM gold from Ghana. Also, no person other than the GoldBod or a licensed buyer or aggregator, or service provider of the GoldBod is permitted to purchase or deal in gold in the country.

However, to ensure a smooth transition and respect for existing contractual obligations between licensed gold buyers and their off-takers, the Ghana Gold Board has resolved to allow for gold purchases and exports by persons holding appropriate licenses issued to them by the PMMC and/or the Minister Responsible for Mines until 30th April, 2025,” portions of the statement read.

Below is the full statement

PRESS STATEMENT

14TH APRIL, 2025

1. The general public is respectfully informed, that pursuant to the Ghana Gold Board Act (ACT 1140), 2025, passed by Parliament on 29th March, 2025 and assented to by the President of the Republic on 2nd April 2025, all licenses issued by the Precious Minerals Marketing Company (PMMC) and/or the Minister responsible for Mines to a person other than a large scale mining company to deal in gold, have ceased to be valid.
2. The GoldBod is currently the sole buyer, seller, assayer, and exporter of all gold produced by the licensed Artisanal and Small-Scale Mining (ASM) sector.
3. As such, no person other than the Ghana Gold Board (GoldBod) is permitted to export ASM gold from Ghana. Also, no person other than the GoldBod or a licensed buyer or aggregator, or service provider of the GoldBod is permitted to purchase or deal in gold in the country.
4. However, to ensure a smooth transition and respect for existing contractual obligations between licensed gold buyers and their off-takers, the Ghana Gold Board has resolved to allow for gold purchases and exports by persons holding appropriate licenses issued to them by the PMMC and/or the Minister Responsible for Mines until 30th April, 2025.
5. For the time being, all licensed persons or entities buying gold from the local market must do so in Ghana cedis and at a price calculated based on the Bank of Ghana Reference Rate published on www.bog.gov.gh.
6. Any Ghanaian or a fully-owned Ghanaian company whose license has ceased to be valid and/or any Ghanaian who is desirous of dealing in gold, is encouraged to apply for a license under the Ghana Gold Board Act (ACT 1140), 2025, effective Tuesday, 22nd April, 2025.
7. An application for a GoldBod license may be done online, via the website of the GoldBod (to be activated and published on the effective date for license applications, 22nd April, 2025) or physically at the GoldBod Licensing and Regulations office located at our head office in Accra.
8. All foreigners are hereby notified to exit the local gold trading market not later than 30th April, 2025. A foreigner may however apply to the GoldBod to buy or off-take gold directly from the GoldBod.
9. It is worthy of note, that it shall constitute a punishable offense for a person to purchase or deal in gold in the country without a license issued by the Ghana Gold Board, effective 1st May, 2025.

Thank you.

SIGNED.

Prince Kwame Minkah

By: Inghananewstoday.com/Franklin ASARE-DONKOH/GBCGHANAONLINE