The Ghana Gold Board has announced the full implementation of the new gold trading licensing regime, with stringent measures to clamp down on illegal gold trading and smuggling across the country.
The enforcement of the Ghana Gold Board Act, 2025 (Act 1140), marks a significant step in the government’s agenda to restructure and formalise the gold trading sector for the benefit of the Ghanaian economy.
Addressing a press conference in Accra, the Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, emphasised that only individuals or entities who have secured licences through the approved process can legally trade gold in Ghana.
“The new gold board licensing regime has taken full effect. What this means is simple — only Ghanaians who have gone through the due process and have been issued with a licence by the Ghana Gold Board can legally engage in gold trading in Ghana,” Mr. Gyamfi stated.
He warned that engaging in gold trading without the required license constitutes a criminal offence under Act 1140, carrying severe penalties.
“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 stressed.
The Act explicitly revokes all previous licences issued by the defunct Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources for gold trading purposes. Mr. Gyamfi underscored that the era of operating under outdated licences has come to an end.
Severe sanctions for violations
Quoting Section 63 of the Ghana Gold Board Act, Mr. Gyamfi noted that individuals or entities trading gold without a valid Gold Board licence face prosecution, with penalties including heavy fines and custodial sentences.
“A person who contravenes the law commits an offence and is liable on summary conviction to a fine of not less than 50,000 penalty units and not more than 200,000 penalty units or to a term of imprisonment of not less than five years and not more than ten years, or both,” he explained.
Establishment of Gold Board task force
As part of enforcement efforts, President John Dramani Mahama, will officially commission the Gold Board Task Force on July 8, 2025.
The Task Force, to be inaugurated at the National Security Secretariat (Blue Gate) in Accra, will possess the same powers as police officers, with a mandate to clamp down on gold smuggling, illegal trading, and price manipulation in the sector.
“This specialised security unit will work in collaboration with an intelligence network already deployed nationwide to track the activities of illegal gold traders and smugglers.
Their operations will help safeguard national revenue and ensure Ghana derives maximum benefits from its mineral resources,” Mr. Gyamfi added.
Licence applications and compliance status
According to the Gold Board CEO, by the final deadline of June 21, 2025, over 300 applications had been received for Tier 1 Buyer Licences, approximately 200 applications for Tier 2 Buyer Licences, 30 applications for Self-Financing Aggregator Licences, and 15 applications for Aggregator Licences.
Of these, more than 240 licences have been approved after applicants met the eligibility criteria.
Mr. Gyamfi assured stakeholders that despite the deadline, applications for Gold Board licences remain open on a rolling basis. However, unlicenced individuals or businesses are prohibited from participating in gold trading activities until they have secured the appropriate licences.
Digital application process
To streamline operations and promote transparency, the Ghana Gold Board has digitised the entire application process. Approved applicants receive notifications via email and their online accounts, with licence fees payable through the Ghana.gov platform.
Mr. Gyamfi concluded by calling on all stakeholders to comply with the new licencing regime to avoid prosecution and contribute to responsible gold trading practices that benefit Ghana’s economy.
