The Ghana Gold Board has announced the full implementation of the new gold trading licensing regime, marking a significant step in the government’s agenda to restructure and formalize the gold trading sector for the benefit of the Ghanaian economy.
This move is in line with the enforcement of the Ghana Gold Board Act, 2025 (Act 1140), which aims to clamp down on illegal gold trading and smuggling across the country.
Addressing the media today,the Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi Esq., called on all stakeholders to comply with the new licensing regime to avoid prosecution and contribute to responsible gold trading practices that benefit Ghana’s economy.
Mr Sammy Gyamfi emphasized that “if you are not licensed by the Ghana Gold Board, you are committing a crime if you buy gold or engage in any form of gold trading”.
He however reviewed that only individuals or entities who have secured licenses from the Ghana Gold Board can legally trade gold in Ghana.
Engaging in gold trading without a license constitutes a criminal offense under Act 1140, carrying severe penalties.
He said,the Act explicitly revokes all previous licenses issued by the defunct Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources for gold trading purposes.
“Over 240 licenses have been approved after applicants met the eligibility criteria, with more than 300 applications received for Tier 1 Buyer Licenses, approximately 200 applications for Tier 2 Buyer Licenses, 30 applications for Self-Financing Aggregator Licenses, and 15 applications for Aggregator Licenses.” He further noted.
The Ghana Gold Board has introduced a digital application process for license applications and compliance status.
Applicants can submit their applications online via the goldbod link or in person at the Licensing Office in Accra.
The Board assures stakeholders that applications for Gold Board licenses remain open on a rolling basis, but unlicensed individuals or businesses are prohibited from participating in gold trading activities until they have secured the appropriate licenses.
The new licensing regime is expected to enhance transparency and promote sustainable mining practices in Ghana’s gold industry.
The Ghana Chamber of Licensed Gold Buyers has commended the government for the successful passage and assent of the Ghana Gold Board Bill into law, stating that it marks a new chapter for the country’s gold industry .
Source:Ayisah Foster||Punch newspaper
