GoldBod Begins Full Enforcement of New Licensing Regime to Curb Illegal Trade

The Ghana Gold Board has commenced the full-scale enforcement of its newly revised gold trading licensing regime, ushering in a major transformation in the country’s mineral trade.

This move follows the enactment of the Ghana Gold Board Act, 2025 (Act 1140), which aims to clamp down on illegal gold trading, enhance formalisation, and maximise Ghana’s economic benefits from its gold resources.

At a press briefing in Accra on Monday, June 30, 2025, , the Chief Executive Officer of the Gold Board, Mr. Sammy Gyamfi, announced that effective immediately, only individuals and entities licensed under the new regime will be permitted to engage in gold trading within Ghana.

“Only Ghanaians who have undergone the required processes and have been issued licences by the Ghana Gold Board can legally participate in gold trading,” Mr. Gyamfi stated.

He cautioned that any individual or business operating in the gold trade without proper authorisation is now committing a criminal offence under Section 63 of Act 1140. Penalties include fines between 50,000 and 200,000 penalty units, imprisonment of five to ten years, or both.

The 2025 Act also annuls all licences previously issued by the defunct Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources, rendering them null and void.

Gold Task Force Launch Set for July 8

To intensify enforcement and tackle gold smuggling, President John Dramani Mahama is expected to officially inaugurate a new National Gold Task Force on July 8, 2025. The ceremony will be held at the National Security Secretariat (Blue Gate) in Accra.

The Task Force, equipped with powers equivalent to that of the police, will target illegal trading, smuggling operations, and gold price manipulation. Mr. Gyamfi said the unit will work in tandem with an already deployed nationwide intelligence network.

“This specialised security unit will safeguard national revenue and help Ghana derive maximum value from its gold resources,” he noted.

Over 240 Licences Approved As of the final application deadline of June 21, 2025, the Gold Board had received over 300 applications for Tier 1 Buyer Licences, about 200 for Tier 2, 30 for Self-Financing Aggregator Licences, and 15 for Aggregator Licences.

More than 240 licences have so far been approved after applicants met the board’s rigorous eligibility criteria.

The Board has, however, clarified that licensing remains open on a rolling basis. Nonetheless, no unlicensed individuals or firms will be permitted to operate until formally approved.

Fully Digitised, Transparent Process

In a bid to improve efficiency and eliminate bureaucratic delays, the Gold Board has fully digitised the application process. Applicants receive real-time email notifications and track their status via an online dashboard. Licence payments are made through the Ghana.gov platform.

“We have adopted a digital-first approach to ensure transparency, efficiency, and traceability in the gold trade,” Mr. Gyamfi explained.

A New Era in Gold Trading

The implementation of Act 1140 forms part of the government’s broader strategy to restructure Ghana’s gold trading ecosystem. It seeks to reduce illicit financial flows, increase formal sector engagement, and ensure fair value for small-scale miners and the national economy.

“The era of operating with outdated licences and opaque practices is over. This new regime restores integrity to our gold trade and ensures that Ghanaians benefit from our mineral wealth,” the Gold Board CEO declared.

As enforcement ramps up and the new Task Force gets to work, stakeholders are being urged to comply fully with the new regime and contribute to building a transparent, fair, and accountable gold trading sector in Ghana.