The Ghana Gold Board (GoldBod) has issued a stern warning to all individuals and businesses involved in the buying and selling of gold: secure proper authorization or face the full force of the law. The newly enacted Ghana Gold Board Act, 2025 (Act 1140) provides for severe penalties, including a mandatory minimum prison sentence of five years, extending up to ten years, for those operating without a valid license. This decisive action forms a critical part of GoldBod’s ongoing efforts to sanitize the gold trade sector, eradicate illegal operations, and ensure that all gold trading activities within Ghana are conducted within a regulated and transparent framework. GoldBod CEO, Sammy Gyamfi, delivered this unequivocal message, emphasizing the board’s commitment to enforcing the new regulations and holding violators accountable.
The drive towards a regulated gold trade began with a mandatory transition period, ending on June 21, 2025. This deadline provided existing gold traders ample opportunity to align their operations with the new legal requirements. Previously issued licenses, whether granted by the Precious Minerals Marketing Company (PMMC) or the Ministry of Lands and Natural Resources, are no longer valid. The sole authority for issuing licenses now resides with GoldBod. This centralized approach aims to streamline the licensing process, enhance oversight, and ensure a consistent application of regulations across the gold trading sector. While the deadline has passed, GoldBod has kept its online registration portal open, providing a pathway for those who have yet to comply to regularize their operations and avoid legal repercussions. This continued accessibility demonstrates GoldBod’s commitment to facilitating compliance while simultaneously underscoring the urgency of immediate action.
GoldBod’s commitment to robust enforcement is further underscored by the establishment of a dedicated national Task Force, inaugurated in collaboration with President John Dramani Mahama. This specialized unit represents a significant investment in strengthening the regulatory framework and ensuring compliance with the new licensing regime. The Task Force will operate nationwide, actively monitoring gold trading activities and taking decisive action against unlicensed operators. This proactive approach aims to deter illegal activity, protect Ghana’s gold resources, and foster a more transparent and accountable gold sector.
The Task Force will operate under rigorous transparency and accountability protocols. Equipped with body cameras and GPS trackers, their activities will be monitored in real-time from GoldBod headquarters. This comprehensive surveillance system not only ensures transparency but also provides a verifiable record of all enforcement activities, promoting accountability and minimizing the potential for corruption. This technologically advanced monitoring mechanism is a testament to GoldBod’s commitment to upholding the highest standards of integrity and ensuring that the enforcement process is conducted fairly and efficiently.
The implementation of the new Act and the deployment of the Task Force are critical steps in the government’s broader strategy to combat illegal gold trading, a long-standing challenge with far-reaching consequences. Unregulated gold trading has been linked to substantial revenue losses for the state, significant environmental damage due to unsustainable mining practices, and the financing of illicit activities. By bringing the gold trade under a robust regulatory framework, the government aims to mitigate these negative impacts and create a more sustainable and beneficial gold sector.
The message to all gold traders is clear: compliance is not optional. Those who fail to secure the necessary licensing from GoldBod risk facing severe penalties, including substantial prison sentences. This decisive action by the government signifies a new era of accountability within the gold trade sector, emphasizing the importance of ethical practices and adherence to the law. The ultimate goal is to transform the gold sector into a well-regulated, transparent, and profitable industry that benefits all Ghanaians, safeguarding national resources while promoting economic growth and development. GoldBod emphasizes that this initiative is not merely about enforcing regulations, but about building a more sustainable and equitable gold sector that contributes positively to the nation’s prosperity.
