The Ghana Gold Board has officially commenced the full implementation of the new gold trading licensing regime, introducing sweeping reforms aimed at eliminating illegal gold trading and smuggling across the country.
The enforcement of the Ghana Gold Board Act, 2025 (Act 1140) marks a major milestone in the government’s broader effort to restructure and formalise the gold trading industry to maximise revenue for the state.
At a press conference in Accra, the Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, emphasised that only individuals and entities duly licensed under the new framework are permitted to trade gold in Ghana.
“The new gold board licensing regime has taken full effect,” he said.
“Only Ghanaians who have gone through the approved process and obtained a valid license from the Ghana Gold Board can legally engage in gold trading.”
Mr. Gyamfi clarified that the new law overrides all previous licenses issued by the defunct Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources, rendering them null and void.
“Operating under old licenses is no longer permitted. Those days are over,” he stressed.
Quoting Section 63 of Act 1140, Mr. Gyamfi warned that unlicensed trading constitutes a criminal offence punishable by fines and jail terms.
“Anyone found trading gold without a Gold Board license commits an offence and is liable, upon summary conviction, to a fine of not less than 50,000 and not more than 200,000 penalty units, or imprisonment for a term between five and ten years—or both,” he said.
To reinforce compliance and crack down on illegal operations, President John Dramani Mahama will, on July 8, 2025, inaugurate the Gold Board Task Force at the National Security Secretariat (Blue Gate), Accra.
The task force will possess police-level powers and operate in coordination with a nationwide intelligence network to detect and halt illegal gold trade, smuggling, and price manipulation.
“This specialised unit is a critical part of efforts to protect Ghana’s mineral wealth and ensure fair pricing and accountability in the sector,” Mr. Gyamfi said.
The CEO disclosed that by the application deadline of June 21, 2025, the Gold Board had received:
Over 300 applications for Tier 1 Buyer Licenses
About 200 applications for Tier 2 Buyer Licenses
30 applications for Self-Financing Aggregator Licenses
15 applications for Aggregator Licenses
To date, more than 240 licenses have been approved after meeting eligibility requirements. Mr. Gyamfi confirmed that the application process remains open on a rolling basis, but unlicensed individuals and firms are barred from operating in the interim.
In line with promoting transparency and efficiency, the licensing process has been fully digitised.
Applicants are notified via email and online accounts, and payments are processed through the Ghana.gov portal.
Mr. Gyamfi concluded by urging all stakeholders to comply with the new licensing regime and support efforts to build a responsible, transparent, and economically beneficial gold trading system in Ghana.
The Ghana Gold Board (GoldBod) has approved approximately 240 gold buying licenses following the expiration of its June 21, 2025, transition deadline. According to the Chief Executive Officer of GoldBod, Sammy Gyamfi, the board received over 300 applications for Buyer Licence Tier One, about 200 applications for Buyer Licence Tier Two, and 30 applications for the Self-Financing Aggregator category.
New Licensing Regime
The approvals mark a critical step in enforcing the new gold licensing regime aimed at improving transparency, accountability, and regulatory compliance across the sector. Gyamfi emphasized that going forward, only entities with valid GoldBod-issued licenses will be allowed to engage in gold trading activities.
Enforcement and Penalties
The GoldBod will intensify enforcement to clamp down on unlicensed operations in line with the Ghana Gold Board Act, 2025 (Act 1140). Individuals or entities trading gold without a valid Gold Board license face prosecution, with penalties including heavy fines and custodial sentences.
License Application Process
The application process for new gold trading licenses remains open, and applicants receive notifications via email and their online accounts once their licenses are approved. License fees are payable through the (link unavailable) platform.
Key Highlights
– Approved Licenses: 240 licenses approved, with 123 printed and issued
– License Categories: Tier 1 Buyer Licences, Tier 2 Buyer Licences, Self-Financing Aggregator Licences
– Deadline: June 21, 2025, transition deadline for gold trading licenses
– Penalties: Heavy fines and custodial sentences for unlicensed gold trading activities
The Ghana Gold Board’s new licensing regime aims to promote responsible gold trading practices, transparency, and accountability in the sector. The board’s enforcement efforts will ensure that only licensed entities engage in gold trading activities, ultimately benefiting Ghana’s economy.
OFFICIAL ADDRESS BY THE CHIEF EXECUTIVE OFFICER OF THE GHANA GOLD BOARD (GOLDBOD) AT THE MINING IN MOTION SUMMIT, HELD AT THE KEMPINSKI HOTEL, ACCRA – DATED TUESDAY 3RD JUNE 2025.
Your Royal Majesty, Otumfour Osei Tutu II, The Honorable minister for Lands and Natural Resources, Hon. Emmanuel Armah-Kofi Buah, Ministers of States herein seated, Members of Parliament, Your Excellencies, Members of the Diplomatic Corps, Representatives of Government Agencies across the subregion, Captains of Industry, Members of Civil Society Organisations, Nananom, Friends from the Media, Distinguished Guests, Ladies and Gentlemen; good morning to you all.
It is a great privilege to address you at this crucial Summit in our nation’s capital. To our guests from outside Ghana, let me formally say ‘Akwaaba’ to wit “welcome” from the Ghana Gold Board (GoldBod).
Before I proceed, I wish to commend His Royal Highness, Otumfuo Osei Tutu II, for his vision in putting together this historic and transformational event.
I also recognize the hard work and diligence of my brother, Nana Kwaku Duah, and his team of organisers at the Ashanti Green Initiative for being the boots on the ground to make His Majesty’s vision a manifest reality.
Your Highness, ladies, and gentlemen, as you may be aware, Ghana is currently the largest producer of gold in Africa and a key player in the extractive sector of Africa and the world at large.
However, despite its enviable reputation, the country has had challenges in maximising its gold resource for the prosperity of its people.
This disconnect may be likened to a butcher who is starved of protein.
There are a number of factors which have contributed to the disparity between the country’s rich gold prospects and its actual gains.
One of the main reasons for this setback was the fragmented, unstructured and poorly-regulated gold trading sector of the country.
This challenge, among other things, limited market access for the country’s artisanal small scale gold and fueled uncontrolled smuggling over the years. This sad situation led to huge revenue losses to the state and denied our economy of much-needed forex for economic stability and transformation.
For many years, Ghana’s poorly-regulated gold trading sector denied the country from reaping the full benefits of its rich gold resource.
Thankfully, this hurdle is now a thing of the past thanks to the visionary President of our dear nation, His Excellency, John Dramani Mahama, who conceived the novel idea of the Ghana Gold Board (Goldbod) to save a promising sector which has been bleeding from poor regulation and disjointed supervision.
The establishment of the Ghana GoldBod has paved the way for a redefining era of leadership, regulation and transformation of Ghana’s challenged gold trading sector for the optimization of national benefits.
The GoldBod is a product of broad and extensive stakeholder consultations and essentially, THE CENTRAL STATE AGENCY mandated by law to oversee, regulate and undertake the buying, selling, assaying, refining and exportation of gold for the purpose of generating foreign exchange for the country, supporting gold reserve accumulation by the Bank of Ghana and promoting supply chain sustainability.
Thus, the GoldBod and only the GoldBod is the sole buyer and exporter of all artisanal small-scale gold in Ghana.
Additionally, the Goldbod has the right to buy a portion, or all of the gold produced by large scale mining firms in line with the government’s preemption rights, exercised by the Minister for Lands and Natural Resources
Having taken over the rights, obligations, assets and liabilities of the Precious Minerals Marketing Company, we at the Ghana Gold Board have hit the ground running and are already making significant strides
We tightened regulatory controls, launched a ruthless fight against gold smuggling and deployed effective aggregation systems across the country that helps us to mop up over 90% of all ASM gold. These measures have accounted for the unprecedented gold purchases and exports we have recorded this year.
Ladies and gentlemen, from February 2025 to May, 2025, the PMMC, now GoldBod, on its own, has purchased and exported for the Bank of Ghana, gold from the Artisanal Small-scale Mining sector to the tune of 40 billion Ghana cedis, with an export value of approximately $4 billion United States dollars.
Thus, for the first time, gold exports from the Artisanal Small-scale mining sector of Ghana has exceeded gold exports from the large scale sector.
Indeed, the total gross weight of ASM gold exported either by or through the PMMC now GoldBod, from January to May 2025, stands at a whopping 41.5 tonnes.
This, coupled with the prudent monetary and fiscal policies of the government has significantly increased forex liquidity in the market and accelerated foreign reserves accumulation leading to the sustained appreciation of the national currency and a positive impact in the living conditions for our people.
Your Royal Highness, ladies and gentlemen, in the just ended month of May 2025 alone, gold purchases and exports by the GoldBod from the artisanal small-scale sector hit a record high of 11 tonnes with an export value of a staggering $1.172 billion United States dollars.
The data shows the great prospects of the Artisanal Small-scale mining sector to our economy and the general well-being of our dear country if properly harnessed. As the President stated yesterday at this summit, “artisanal miners are not enemies of the state- when properly trained and supported, they can be allies of development”.
The GoldBod is committed to tapping and maximizing the full potential of the Artisanal Small-scale mining sector by supporting sustainable artisanal mining and promoting responsible sourcing by all gold traders in the ASM sector.
To strengthen regulatory oversight and promote responsible sourcing and traceability, the GoldBod has began the licensing of all players in the Gold trading sector of the country.
Our license categories range from aggregation licenses to buying licenses to refining license, smelting license, transportation license, export partnership license, among others.
Your Royal Highness, ladies and gentlemen, licensees of the GoldBod are subject to a strict code of responsible sourcing and continuous due diligence by the GoldBod, working in conjunction with the Bank of Ghana and the Financial Intelligence Center in line with our Anti-Money Laundering and Counter Terrorism Financing policies.
As you may be aware, the GoldBod Act proscribes foreigners from engaging in direct gold purchases from the local market. However, foreigners are allowed and encouraged to apply directly to the GoldBod to purchase or off-take gold from the board. Foreigners may also partner Ghanaian applicants of self-financing aggregation license from the GoldBod. Again, foreigners may apply for a license from the GoldBod to establish refineries, jewelry factories and other forms of value addition enterprises.
I therefore wish to use this opportunity to invite our foreign guests herein gathered and those who are monitoring this program from afar, to take advantage of the numerous opportunities in the mining, trading and value addition space of Ghana for mutual benefits.
Ladies and gentlemen, while we may be glad about the initial successes chalked so far, the GoldBod’s journey of creating a positive and lasting economic impact has just began. Without resting on our laurels in the brief period of our establishment, the Goldbod is determined to fly higher in executing its mandate for the benefit of Ghanaians and our investor partners.
Before the end of this year, the GoldBod will roll out a digital traceability technology for its entire supply chain. This traceability system will enhance market access and value of the country’s ASM gold. In the medium to long term, it will ensure that every gram of gold purchased by the GoldBod is traceable throughout its various custody points, all the way to the mine it was produced. And that mine must be a licensed mine engaged in legal, responsible and sustainable mining in accordance with the mining laws of Ghana and international best practices.
Your Royal Highness, ladies and gentlemen, effective September 2025, the GoldBod shall, in collaboration with the Ministry of Lands and Natural Resources begin the training of artisanal small scale miners in environmentally-friendly mining and mordern recovery optimization techniques.
To further increase Ghana’s ASM gold output, the GoldBod and its investor partners will invest in the cooperative mining program of the Ministry of Lands and Natural Resources.
We will also partner with hard rock small-scale, medium-scale and large scale mining firms to maximize the sustainable production of gold in the country and national revenue for development. Investors who will be partnering the GoldBod in this program, will receive payments for their investment in discounts on gold over a 24-36 months period.
Let me also state, that the GoldBod is committed to spending a significant portion of our trading surplus on land reclamation and other sustainable initiatives such as the Blue Water and Tree for Life programs launched by government.
We will invest in geological investigations to make available accurate geological data for sustainable ASM, medium-scale and large scale mining to bring to an end the phenomenon of lottery mining.
Under our corporate social responsibility policy, a significant chunk of our trade surplus will be invested into the provision of mordern education and health facilities, scholarships for brilliant but needy students, potable water systems and other social-economic projects to alleviate the plight of mining communities, most of whom are victims of the ravages of illegal mining.
Ladies and gentlemen, the days of illegal gold trading and uncontrolled gold smuggling have come to an end. The GodlBod will ensure that Ghana’s gold is traded and exported legally and the forex proceeds thereof, fully repatriated to support our economy and improve the livelihoods of our people. We shall not rest until every gold smuggler is put behind bars.
In the coming weeks, the GoldBod shall in conjunction with the National Security Secretariat launch a standing anti-gold smuggling taskforce, to further strengthen our fight against the illicit menace. All persons who fall foul of the law will be dealt with no matter whose ox is gored. No one will be spared.
Your Royal Highness, ladies and gentlemen, we at the Ghana Gold Board understand, that Value addition is the surest way of maximizing national benefits from the country’s rich mineral deposits.
In this regard, the GoldBod will soon move Ghana away from the export of dore’ to bullion in the short to medium term.
We are currently working with local refineries with clear medium-term paths to LMBA accreditation, to ensure that this dream of moving away from the export of dore’ to bullion becomes a reality.
Let me also say, that the GodlBod is opened to symbiotic partnerships to actualize the vision of President Mahama to establish a “Gold Village” in Ghana to serve as a hub of gold jewelry and ornaments in Africa.
Ladies and gentlemen, in line with our mandate as the National Assayer, we have commenced work for the establishment of an international standard (ISO certified and LBMA compliant) assay laboratory by 2026. A land for this project has been secured. This international standard assay lab will ensure that all gold being exported from Ghana are subjected to fire assay to ensure accurate purity determination and valuation.
Conclusion
Your Royal Highness, ladies and gentlemen, Ghana is strongly committed to sustainable mining, responsible sourcing, supply chain traceability and value addition to maximize benefits.
I wish to extend a warm hand of invitation to the LBMA, the World Gold Council, the OECD, and the global investor community across the entire mining value chain, to partner with Ghana in the area of sustainable mining, responsible sourcing and value addition to attain the best of mutual outcomes.
Ghana is ready! The Goldbod is prepared!! And together, we can all sail to higher realms of dividends in the mining sector where the environment is preserved, lives are bettered, and communities are uplifted!
President Mahama commends GoldBoard CEO for impactful leadership in gold trading sector.
By Lawrence Odoom
GoldBoard’s Chief Executive Officer, Sammy Gyamfi, has earned high praise from President John Mahama for the institution’s outstanding achievements since its inception.
Launched on April 2, 2025, the Ghana GoldBoard has swiftly established itself as a formidable force in the gold trading sector, with its mandate to oversee and regulate gold trading activities in the country yielding impressive results.
President Mahama, speaking at a recent event in the Ahafo Region as part of his national “Thank You” tour, lavished praise on Gyamfi’s leadership, declaring, “Mr. Sammy Gyamfi is the Chief Executive of the Ghana Goldbod that is doing wonders already.” This glowing endorsement is a Prove to the institution’s remarkable strides, which have garnered widespread public support and admiration.
The GoldBoard’s impressive performance has been accompanied by a significant strengthening of the local currency, with the cedi appreciating substantially against the US dollar. From a high of nearly GH¢16 to the dollar last year, the cedi has now stabilized at around GH¢10 to the dollar, a development that has been met with optimism by citizens and market observers alike.
The Governor of the Bank of Ghana, Dr. Johnson Asiama, has reaffirmed the central bank’s commitment to sustaining the cedi’s rebound, emphasizing ongoing efforts to bolster the local currency and maintain its competitiveness in the global market.
The institution’s remarkable achievements under Sammy Gyamfi thus far are a powerful indicator of its potential to drive economic growth and development in Ghana, and its future prospects appear bright.
CLEARING THE MISCONCEPTIONS ABOUT THE GOLDBOD (PART 2)
CLAIM 2: UNDER THE GOLDBOD, A PERSON INCLUDING A CHIEF, WILL REQUIRE A LICENSE TO HOLD OR KEEP GOLD, JEWELRY AND OTHER GOLD PRODUCTS. AND THAT FAILURE TO DO THAT, CONSTITUTES A CRIME UNDER THE GOLDBOD BILL.
RESPONSE: TOTALLY FALSE
No provision in the Goldbod Bill passed by Parliament and awaiting the assent of the President, criminalizes the mere holding, possession and/or storage of Gold.
What constitutes a crime under the Goldbod Bill (Clause 68 (1)) is the HOARDING of gold.
It is worthy of note, that hoarding is not the same as keeping or being in possession of Gold.
Clause 68(1) of the Goldbod bill provides:
“A person shall not, without lawful authority, HOARD gold without a license or authorization issued by the Gold Board”.
Hoard is defined under Clause 74 of the Goldbod Bill as “the accumulation or storage of a gold mining product beyond reasonable business needs, with the purpose of manipulating market conditions or creating artificial scarcity”.
More importantly, Clause 68(2) provides that:
Subsection (1)- which is the offense creation section on hoarding, “DOES NOT APPLY TO A PERSON IN POSSESSION OF GOLD FOR PERSONAL OR VALUE STORAGE PURPOSES”.
The purpose of Clause 68(1) of the Goldbod Bill, is to prevent situations where licensed agents of the Goldbod, given funds by the Goldbod to buy gold for the Goldbod, will hoard gold for the purpose of causing scarcity or create unfair competition or manipulate prices , among others.
It is therefore false that the Goldbod Bill criminalizes the possession of gold by a person or Chief.
On the contrary, one of the functions of the Goldbod is to promote value addition, particularly, local gold fabrication into coins, tablets, bars and other castings and mints for Ghanaians.
One of the reasons for this function, is to promote gold as a better store of value than the U.S. dollar with the aim of reducing pressure on the Ghana cedi.
Thus, the Goldbod will consciously campaign for Ghanaians to buy gold products such as coins, tablets, tokens etc. for purposes of value storage.
The claim that possessing gold for ancestral, traditional or personal reasons constitutes a crime under the GoldBod Bill is totally false.
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 NDC says it fully supports H.E John Mahama’s Licensing and Registration of Teachers as required by sections 12 & 13 of the Education Act (ACT 778), 2008.
However, it vehemently oppose the use of a needless Licensure Exam as the basis or precondition for licensing teachers as captured in a statement issued by the National Communications Director of NDC, Sammy Gyamfi.
Below are the reasons why NDC thinks the Teachers’ Licensure Exam is obnoxious, hence must be abolished:
1. Currently, Teacher Trainees undertake 4-year (Bachelors of Education) degree programs in various Colleges of Education. During the 4-year academic period, Teacher Trainees are taught and examined in not less than fifty (50) courses over eight (8) semesters, that is, two semesters per year.
2. It is worthy of note, that the curriculum for each semester includes a mandatory field practical course called Supported Teaching in Schools (STS). This practical academic activity is climaxed with a rigorous full semester mandatory internship course during the first semester of level 400. During this period, Teacher Trainees are assigned to the field to understudy mentors in classrooms and practically guided to teach. Trainees are required to prepare lesson notes, reflective journals among others, for assessment. After successfully passing eight (8) semester examinations involving not less than 30 courses, including the mandatory full-semester internship course, Teacher Trainees graduate from school and are issued with Bachelors of Education Degree certificates.
3. One would have thought, that the right thing for government to do after this, would have been to simply license and employ these teachers and pay them the appropriate salary as the practice had always been, before the current NPP government took office. Sadly, this is not the case now.
4. In a dubious ploy by the failed Akufo-Addo/Bawumia government to suppress teacher recruitments, they now require Teacher Trainee graduates who have successfully passed all their course exams in school including the mandatory field internship program, to undertake another examination called Licensure Examination before they are licensed to teach- an examination that has no active guide whatsoever.
5. To add insult to injury, Teacher Trainees are also forced to undertake a one-year compulsory National Service. This is despite the fact that their 4-year academic curriculum already involves intense teaching support services to the state.
6. Many Teacher Trainee graduates end up being failed after taking the obnoxious licensure exam without even knowing why they were failed. These qualified teachers are made to stay home without any job. Out of desperation, some are compelled to pay bribes to officials of the National Teaching Council in order to get a license. The marking scheme for the obnoxious licensure examination remains a mystery. The pass mark is whimsically and capriciously adjusted depending on the number of qualified teachers government intends to deny employment every year. Even worse is the fact that, some teachers who failed the obnoxious licensure exam on their first attempt but have eventually managed to pass the the exam have been denied posting and are siting home idle.
7. The reason for this injustice is simple; the failed Akufo-Addo government/Bawumia government simply does not have the financial capacity to employ all Teacher Trainee graduates, hence has devised a plan to use the obnoxious licensure exam to suppress the number of teachers they have to employ every year under the guise of licensing teachers. This elimination by rough tactic is simply unfair. This is why, the visionary Nation Builder, H.E John Dramani Mahama has promised to abolish it when elected in 2024.
8. For those who are concerned about quality assurance, it is worthy of note, that section 13 of the Education Act requires professional certification as the basis for licensing and registering Teachers. Thus, any policy or proposal intended to improve quality assurance must focus on improving pre-certification education standards and examination in Colleges of Education. This is precisely what John Mahama is talking about.
9. If government thinks that all the academic examinations and field works Teacher Trainees are taken through during their 4-year programs in school are not enough for quality assurance, then what government ought to do is to improve pre-certification teaching and examination standards in line with best practices. Once that is done, there will be no need for another exam to license teachers after they have successfully graduated.
10. Using myself as an example, the pre-certification course and exam in the law school where I attended is very rigorous and competitive. Once you pass it and successfully undertake the mandatory internship course, you are licensed and called to the Bar. You are not required to write another licensure exams before you are licensed as a lawyer. Neither are you required to undertake compulsory national service before you are licensed. You are only required to do pupillage after you are licensed as a lawyer. This practice is the same for doctors and other professional bodies.
11. For the avoidance of doubt, licensing is not the same as Licensure Examination. I am a licensed lawyer but I was not required to write any licensure exam before I was licensed as a lawyer. The NDC started piloting the licensing of teachers in the year 2016 without examination. We were ready to fully rollout the policy for the 2016/2017 academic year before we lost power. See https://www.graphic.com.gh/news/general-news/new-teacher-licensing-starts-from-2016-17-academic-year.html
12. The visionary Nation Builder has spoken in very clear terms on this matter. No attempt to spin to this well-thought out policy will wash. The obnoxious Teachers’ Licensure Exams and superfluous National Service will be canceled after John Mahama is sworn in as President on 7th January, 2025. “Insha Allah!” Teacher trainees deserve to be automatically licensed and employed after successfully completing their 4-year programs.
