GoldBod Cracks Down on Illegal ASM Gold Trade, Revokes PMMC Licenses
New Regulations Aim to Boost Transparency and Strengthen State Oversight in Ghana’s Gold Sector
- All PMMC and Minister-issued ASM gold licenses revoked
- GoldBod becomes sole legal buyer, seller, and exporter
- Foreign nationals barred from local ASM trade
In a bold move to overhaul Ghana’s artisanal and small-scale mining (ASM) sector, the Ghana Gold Board (GoldBod) has announced the revocation of all existing gold trading licenses issued by the Precious Minerals Marketing Company (PMMC) and the Minister for Mines.
This action, which excludes licenses held by large-scale mining companies, follows the recent passage of the Ghana Gold Board Act (Act 1140), which received presidential assent on April 2, 2025.
Effective immediately, GoldBod assumes exclusive control over the buying, selling, assaying, and exporting of gold produced by licensed ASM operators in the country. The reform is designed to curb smuggling, streamline the industry, and ensure comprehensive state oversight.
The directive makes it clear that only the Ghana Gold Board is authorized to export ASM gold from the country.
A transitional grace period has been provided for those holding existing licenses from the PMMC or the Minister, allowing them to continue operations until April 30, 2025. However, from May 1, 2025, any trading in gold without a GoldBod-issued license will be considered a punishable offense.
To further strengthen local transactions, all licensed gold buyers are now required to trade exclusively in Ghanaian cedis, with exchange rates based on the Bank of Ghana’s website.
Additionally, foreign nationals will no longer be permitted to independently participate in the ASM gold market after April 30, 2025. While foreigners may still apply to GoldBod to purchase gold directly, they must comply with new regulations.
From April 22, 2025, Ghanaians and fully Ghanaian-owned companies interested in entering the gold trading sector can apply for new licenses, either online or in person at the GoldBod Licensing and Regulations office in Accra.
This sweeping regulatory change is poised to enhance transparency, eliminate illegal operations, and increase government revenue from Ghana’s ASM gold sector, which accounts for over 30% of the nation’s gold output.
