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.
CLEARING THE MISCONCEPTIONS ABOUT THE GOLDBOD (PART 1)
CLAIM 1: THE GOLDBOD IS A REGULATOR AND A COMMERCIAL PLAYER AT THE SAME TIME. HENCE, THERE WILL BE CONFLICT OF INTEREST IN ITS OPERATIONS.
RESPONSE: FALSE
The Goldbod is not a regulator and a commercial player in the sense or context being canvassed by some.
The Goldbod is simply a monopoly in the trading and export of gold.
The regulating function of the Goldbod relates only to its own licensed agents and not competitors.
The regulatory powers of the Goldbod are intended to ensure compliance with its Act and regulations by licensed service providers who trade for and on behalf of the Goldbod for the realization of the objects of the Goldbod.
For emphasis, the Goldbod will not be regulating competitors but rather, its own licensed agents. Thus, the issue of conflict of interest, does not arise at all.
The Finance Minister, Dr Cassiel Ato Forson, has clarified that, the Ghana Gold Board (GoldBod) establishment is to compliment the mandate of Minerals Commission.
The GoldBod, a flagship initiative envisioned by President John Dramani Mahama for economic revitalization, will ensure strong monitoring and compliance measures which will help curtail black-market and smuggling of gold.
To achieve this vision, a Technical Committee, tasked with developing the legal and operational framework, particularly the drafting of a Bill for the establishment of the Ghana Gold Board (GoldBod) has been outdoored today in Accra.
“It is important to note that the GoldBod will not assume the regulatory mandate of the Minerals Commission over the small-scale mining sector” Dr Ato Forson clarified at the outdooring of Technical Committee. “Instead, it will complement its role.”
“The key objective of the GoldBod will be to formalize the trading of gold from the small-scale mining sector, promote traceability and pursue London Bullion Market Association (LBMA) certification”, the minister indicated.
The Committee has 21 members drawn from the legal profession mining and gold trading industry.
Read full statement of minister below:
FINANCE MINISTER, DR. CASSIEL ATO FORSON, Ph.D., INAUGURATES TECHNICAL COMMITTEE TO DRAFT A LEGAL FRAMEWORK FOR THE ESTABLISHMENT OF THE GHANA GOLD BOARD (GOLDBOD)
27TH JANUARY, 2025
1. Distinguished members of the press, I warmly welcome you this afternoon to the Ministry of Finance.
2. Today, we gather to inaugurate a Technical Committee tasked with developing the legal and operational framework, particularly the drafting of a Bill for the establishment of the Ghana Gold Board (GoldBod).
3. The GoldBod is a flagship initiative envisioned by His Excellency President John Dramani Mahama for economic revitalization.
4. It seeks to serve as a vehicle for achieving currency stability through the structured purchasing and management of Ghana’s gold resources.
5. As Africa’s leading gold producer, Ghana derives substantial foreign exchange earnings from gold. However, the benefits accrued from this valuable mineral remain minimal, often coming at a steep environmental cost.
6. Historically, Ghana’s revenues from gold have been confined to traditional sources such as royalties and taxes.
7. The Ghanaian economy has not realized the full benefit of our gold resources.
8. The time has come for Ghana to expand beyond royalties and taxes by harnessing the entire value chain of gold.
9. As a nation, we must aspire to maximize the full benefits of our gold resources.
10. This involves optimizing every stage of the value chain—from extraction to refining, value addition and marketing, both locally and internationally.
11. The Ghana Gold Board will serve as a specialized agency for effective marketing of our gold resources.
12. This will involve the implementation of a deliberate program to formalize gold trading from the small scale mining industry and promote traceability with the aim of enhancing the international acceptability of gold fromGhana.
13. Currently, the chaos in Ghana’s gold purchasing sector prevents the nation from fully benefiting from its goldresources.
14. Presently, the Precious Minerals Marketing Company (PMMC) has the mandate to purchase and sell gold. However, this mandate is not exclusive.
15. The Bank of Ghana also purchases gold through PMMC and other private aggregators under initiatives such as “gold for forex,” “gold for reserves”, gold for oil,” and “gold for cash” among others.
16. Additionally, the Minerals Income Investment Fund (MIIF), despite its primary mandate to optimize mineral investment, has ventured into gold buying, incurring substantial financial losses.
17. Also, numerous individual Ghanaians and foreigners with export licenses and/or gold buying licenses are active in the gold purchases and export market.
18. This fragmented, uncoordinated and unregulated system has led to widespread gold smuggling and deprived the state of much-needed foreign exchange.
19. To address these issues, the Ghana Gold Board will be mandated to regulate and streamline the sector.
20. It will act as the sole buyer of gold from the legal small-scale mining sector through licensed aggregators and local traders.
21. Upon its establishment, the GoldBod will also have exclusive legal rights as the sole assayer, seller, and exporter of gold purchased from small-scale miners.
22. The enabling legislation will clearly outline these mandates and amend relevant sections of the Minerals Commission’s export regulations and other ancillary legislations.
23. This will ensure 100% repatriation of forex from the export of gold from the small-scale mining industry to support our national currency.
24. The GoldBod will ensure strong monitoring and compliance measures which will help curtail black-market and smuggling of gold.
25. It is important to note that the GoldBod will not assume the regulatory mandate of the Minerals Commission over the small-scale mining sector.
26. Instead, it will complement its role.
27. The key objective of the GoldBod will be to formalize the trading of gold from the small-scale mining sector, promote traceability and pursue London Bullion Market Association (LBMA) certification.
28. The Government of Ghana will provide a revolving fund enough to PURCHASE ALL GOLD from the small-scale mining sector.
29. In 2024 alone, Ghana exported nearly $5 billion in gold from legal small-scale mining.
30. However, research indicates that the value of gold smuggled out of Ghana from small-scale mining is nearly double the official figure.
31. This highlights the significant foreign exchange losses.
32. Streamlining the small-scale mining sector, curbing smuggling, and directing gold purchases through formal channels will help Ghana improve its foreign exchange accumulation and help stabilize the Cedi.
33. The establishment of the Ghana Gold Board is a critical tool for economic revitalization and currency stability.
34. The GoldBod remains a top priority for His Excellency President John Dramani Mahama.
35. I urge the committee to work diligently and efficiently to fast-track the realization of this noble objective.
36. I also entreat all industry players and stakeholders to give this initiative their maximum support.
37. Ladies and gentlemen, the members of the Technical Committee tasked with drafting the Bill and developing the operational framework for the GoldBod include experts from relevant institutions.
38. Their diverse expertise will ensure the development of a comprehensive and robust legal and operational framework for the GoldBod.
