By affedzie 
In a bold move to reclaim control over its gold trade, the Government of Ghana has officially banned foreigners from participating in the local gold market, following the passing of the Ghana Gold Board Act, 2025 (Act 1140).
This landmark legislation, passed by Parliament on March 29 and signed into law by the President on April 2, introduces sweeping reforms to regulate artisanal and small-scale mining (ASM), protect national resources, and promote local economic empowerment.
Here are 9 important things you need to know about this game-changing policy:
1. All Previous Gold Licences Are Cancelled
Effective immediately, all gold trading licences previously issued by the Precious Minerals Marketing Company (PMMC) or the Minister of Mines are now invalid—except those held by large-scale mining companies.
2. GoldBod is Now the Ultimate Authority
The newly empowered Ghana Gold Board (GoldBod) is now the sole body authorized to buy, sell, assay, and export all gold produced in the ASM sector. No more middlemen or unofficial routes.
3. Only GoldBod and Its Partners Can Trade
If you’re not licensed directly by GoldBod or recognized as an authorized aggregator or service provider, you are prohibited from participating in gold trading—locally or internationally.
4. Grace Period Until April 30 for Existing Licence Holders
Those holding PMMC or ministerial licences are allowed to operate until April 30, 2025, after which their rights to trade gold will automatically expire unless re-licensed by GoldBod.
5. Gold Purchases Must Be Made in Ghana Cedis
All local gold transactions must now be conducted in Ghanaian cedis, pegged to the Bank of Ghana Reference Rate. This ensures transparency and consistency in pricing. (Visit www.bog.gov.gh for daily rates.)
6. Ghanaians Encouraged to Apply for New Licences
Ghanaian individuals and fully Ghanaian-owned companies are invited to reapply for gold trading licences under the new framework starting April 22, 2025.
7. Licence Application Portal Goes Live Soon
An online licensing platform will be launched by GoldBod on April 22, with in-person applications accepted at their Licensing and Regulations Office in Accra.
8. Foreign Traders Must Exit by April 30
All foreign nationals currently trading in gold locally must cease operations by April 30, 2025. Going forward, foreigners may only buy gold from GoldBod directly and cannot engage in local trading activities.
9. Illegal Trading Becomes a Crime Starting May 1
From May 1, 2025, anyone trading in gold without a valid GoldBod licence will be committing a criminal offence under Ghanaian law—punishable by law.
What This Means for the Gold Industry
This is a pivotal moment for Ghana’s gold sector. The new law is expected to:
- Eliminate illegal and unregulated trade
- Protect Ghana’s gold revenue
- Empower local businesses and miners
- Enhance transparency and traceability
GoldBod has urged all stakeholders to act swiftly to comply, emphasizing that this is not just a regulatory update, but a new era for Ghana’s gold economy.
