Foreigners Must Exit Local Gold Market by April 30 - GoldBod Declares

Accra, Ghana - 14 April, 2025 - The Ghana Gold Board has announced that it is now the sole buyer, seller, assayer, and exporter of all gold produced by the Artisanal and Small-Scale Mining (ASM) sector in Ghana.

This move follows the passage of the Ghana Gold Board Act (Act 1140) on March 29, 2025, and its subsequent assent by President John Mahama on April 2, 2025.

According to the Act, all licenses issued by the Precious Minerals Marketing Company (PMMC) or the Minister responsible for Mines to individuals or entities other than large-scale mining companies have ceased to be valid.

The Ghana Gold Board has also set a deadline of April 30, 2025, for existing license holders to cease operations, although they can continue to buy and export gold until then.

The statement also noted that from May 1, 2025, purchasing or dealing in gold without a valid license issued by the Ghana Gold Board will be a punishable offense. Ghanaians and fully-owned Ghanaian companies can apply for new licenses starting April 22, 2025, either online through the GoldBod website or in person at their headquarters in Accra.

Additionally, foreigners currently engaged in the local gold trade have been directed to exit the market by April 30, 2025. However, they may apply to purchase or off-take gold directly from the Ghana Gold Board under regulated conditions.

In the meantime, licensed gold buyers are required to purchase gold in Ghana cedis at prices calculated based on the Bank of Ghana Reference Rate. This move aims to bring structure, transparency, and accountability to Ghana's ASM gold sector.

“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.

“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.”

''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.

“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.

“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,'' portions of the statement read.

Read the full statement below.

Source: Lead News Online