The Ghana Gold Board (GoldBod) has announced a one-month extension to the deadline for transitioning to its new gold trading licensing regime, pushing the date from May 21, 2025, to June 21, 2025. This decision comes in response to appeals from stakeholders within the gold trading sector, offering them additional time to secure the necessary licenses and comply with the new regulations. The extension temporarily validates existing licenses issued by the now-defunct Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources, permitting holders to continue purchasing and trading gold until the revised deadline. This move is aimed at facilitating a smoother transition and minimizing disruption to ongoing business operations.
The reprieve, however, is strictly time-bound. Beyond June 21, 2025, any engagement in gold trading without a GoldBod-issued license will be considered a violation of the Ghana Gold Board Act, 2025 (Act 1140), rendering the offender liable to prosecution. GoldBod is emphasizing this point to ensure all stakeholders are aware of the legal implications of non-compliance. This new licensing regime signifies a significant shift in the regulation of Ghana’s gold trading sector, centralizing authority under GoldBod and aiming to enhance transparency and accountability. The Board is committed to enforcing these regulations to maintain the integrity of the gold market and protect the interests of all participants.
A crucial change takes effect immediately, irrespective of the extended licensing deadline. As of May 22, 2025, all export authorizations previously granted under licenses issued by the Ministry of Lands and Natural Resources are revoked. This signifies the immediate consolidation of gold export activities under GoldBod, which is now the sole entity authorized to export small-scale gold from Ghana. This measure is designed to streamline the export process, prevent illicit activities, and ensure proper accounting of gold exports, ultimately benefiting the national economy. This immediate change underscores the seriousness with which GoldBod views its mandate to regulate the gold sector.
The rationale behind these changes lies in GoldBod’s mandate to regulate and monitor all aspects of gold trading in Ghana. By centralizing licensing and export authorization, the Board aims to create a more transparent and accountable system, minimizing the potential for illegal activities and ensuring that Ghana benefits fully from its gold resources. This move towards a more structured and regulated market is crucial for attracting investment, fostering sustainable growth within the sector, and enhancing Ghana’s reputation in the global gold market.
GoldBod is actively encouraging all prospective gold traders to apply for the new licenses through its official website: www.goldbod.gov.gh. The website provides comprehensive information about the application process, requirements, and associated fees. The Board has put measures in place to facilitate a smooth and efficient application procedure. This proactive approach is intended to support businesses in their transition to the new regime and ensure that all stakeholders have access to the necessary information and resources. The online platform simplifies the licensing process, promoting accessibility and transparency.
In summary, the one-month extension to the licensing deadline offers a temporary reprieve for gold traders, allowing them further time to align with the new regulations. However, the immediate revocation of export authorizations under existing Ministry of Lands and Natural Resources licenses signals the commencement of GoldBod’s exclusive control over small-scale gold exports. This dual approach – providing a limited extension while simultaneously enforcing new export rules – demonstrates GoldBod’s commitment to both facilitating a smooth transition and firmly establishing its regulatory authority within Ghana’s gold trading sector. The ultimate goal is to create a more robust, transparent, and beneficial system for all stakeholders, ensuring the long-term health and prosperity of the Ghanaian gold industry.
