Ghana’s GoldBod has issued a firm ultimatum to foreign nationals engaged in the local gold trade, directing them to exit the market by April 30, 2025, or face strict sanctions. As reported by Accra Street Journal, the directive is part of a broader initiative to reclaim control of Ghana’s artisanal and small-scale gold sector for indigenous players.
As the newly established Ghana Gold Board (GoldBod) assumes control over the country’s gold trade, the board has issued a firm ultimatum to all foreign entities involved in local gold trading to exit the market latest by 30th April 2025.
The statement says that, per the GoldBod Act, it is currently illegal for foreigners to trade in gold within Ghana‘s local market space.
This directive, announced through a press statement cited by Accra Street Journal, follows the recent passage of the Ghana Gold Board Act (ACT 1140), 2025, by parliament and the subsequent by the President, which operationalized the act.
As the GoldBod replaces the Precious Minerals Marketing Company, many sweeping changes will be effected per the new act, including the prohibition of foreigners from trading in gold within Ghana’s local market space.
“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) or a licensed buyer or a aggregator or service provider of the GoldBod is permitted to purchase or deal in gold in the country,” parts of the statement read.
“All foreigners are hereby notified to exit the local gold trading market not later than 30th April 2025,” the statement further announced.
Failure to exit the market by the date of the ultimatum as directed is a contravention of the law and might attract sanctions.
“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 Ist May, 2025,” the statement further indicated.
However, the Board has left a narrow window of participation open for the affected to stay in business but under a regulated regime.
“A foreigner may, however, apply to the GoldBod to buy or off-take gold directly from the GoldBod,” the statement noted.
As part of the sweeping changes, all previously valid licenses issued by the Precious Minerals Marketing Company (PMMC) and/or the Minister for Mines to persons or entities, except large-scale mining companies, have been nullified.
The Board, as part of transitional arrangements, is allowing those with existing licenses from the PMMC or the Minister to continue operations only until 30th April 2025, after which they must reapply for a GoldBod license.
The application can be made online or at the GoldBod head office in Accra beginning 22nd April 2025.
Last Updated on April 15, 2025 by samboad
