Media Relations Officer at the Ghana GoldBod, Prince Kwame Minkah has said the recent decision to cancel all small-scale gold dealing licenses issued by the Precious Minerals Marketing Company was agreed upon in consultation with stakeholders.
GoldBod in a statement on April 14, 2025
Speaking in an interview on TV3 New Day’s Big Issue, Tuesday, April 15, Minkah noted that stakeholder engagement had earlier been carried out and small-scale gold dealing license holders had given approval for GoldBod to go ahead with the decision.
He stated that GoldBod does not foresee any litigation issues as the decision was not taken in a vacuum.
“This is an initiative that was borne out of broader consultation with various stakeholders and every idea has been put together leading up to this particular day so that opportunity has been given so as not to land ourselves in litigation.
“We have the buy-in of those who are holders of these licenses and so they are aligned with where we are going and I don’t foresee a challenge with that because they are fully aware of the processes that you have to go through in ensuring that they effect the change,” he explained.
He added that license holders affected by the decision would have to comply as the announcement is backed by Ghana Gold Board Act (ACT 1140), 2025.
The GoldBod also stated that 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.
The GoldBod also said that 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.
