The Ghanaian gold mining landscape has undergone a significant transformation with the enactment of the Ghana Gold Board Act (Act 1140), effective April 2, 2025. This legislation grants the Ghana Gold Board exclusive authority over the purchase, sale, assaying, and export of gold from licensed artisanal and small-scale miners, effectively centralizing the gold trade within the country. This move represents a decisive step by the Ghanaian government to formalize the often-opaque artisanal and small-scale gold mining sector, curb illicit activities like smuggling, and maximize the nation’s foreign exchange earnings from this valuable resource. The Board’s establishment is projected to have far-reaching implications for the gold sector, reshaping the industry and its associated economic dynamics.
The new regulations ushered in by Act 1140 effectively invalidate all existing gold trading licenses issued to individuals and entities operating outside of large-scale mining operations. A grace period extending until April 30, 2025, allows existing license holders to conclude their current trading activities. During this transition, they are obligated to conduct all gold purchases using Ghanaian cedis at prices aligned with the Bank of Ghana Reference Rate. This stipulated pricing mechanism aims to create transparency and fairness within the market during the transition period, ensuring a smooth shift to the new regulatory framework.
Following the transition period, Ghanaian license holders whose authorizations have been revoked can apply for new licenses under the Ghana Gold Board Act beginning April 22, 2025. The application process is designed to be accessible, with options for online submission or in-person applications at the Gold Board’s headquarters in Accra. This streamlined process aims to facilitate the re-entry of legitimate local gold traders into the formalized market, ensuring their continued participation within the new legal framework.
Foreign entities involved in the local gold trade face a different set of requirements. They are mandated to cease their operations within the Ghanaian gold market by April 30, 2025, unless they opt to engage directly with the Ghana Gold Board for gold purchases or off-take agreements. This measure reinforces the Board’s centralized role in managing gold exports and ensures that all international gold transactions are channeled through the official governing body, thereby enhancing oversight and accountability.
The Ghana Gold Board’s newly acquired authority is anticipated to bring about a significant restructuring of the gold sector, fostering greater transparency and accountability. By assuming control over the entire gold trading process, the Board aims to minimize gold smuggling, a long-standing challenge that has deprived the nation of substantial revenue. Moreover, the centralization of gold exports is expected to bolster foreign exchange earnings, contributing significantly to Ghana’s economic growth and stability. The anticipated increase in revenue will provide the government with additional resources to invest in development projects and improve the overall economic well-being of the nation.
The full force of the new regulations will come into effect on May 1, 2025. From this date onward, engaging in gold trading without a valid license issued by the Ghana Gold Board will be deemed a criminal offense, punishable by law. The public has been urged to adhere strictly to these regulations to avoid legal repercussions. This firm stance underscores the government’s commitment to enforcing the new framework and ensuring its effectiveness in achieving the desired outcomes of formalization, revenue enhancement, and economic growth. The Ghana Gold Board’s establishment signifies a pivotal moment in the country’s quest to maximize the economic benefits derived from its gold resources and create a more regulated and transparent gold mining sector.
