The Ghana Gold Board has announced the full enforcement of the Ghana Gold Board Act, 2025 (Act 1140), ushering in a new licensing regime aimed at cracking down on illegal gold trading and smuggling nationwide.
At a press conference in Accra, Chief Executive Officer of the Gold Board, Sammy Gyamfi, declared that only individuals and entities licensed by the Board are now legally permitted to trade gold in Ghana. He cautioned that engaging in gold transactions without the required licence constitutes a criminal offence under the new law, punishable by hefty fines and prison terms ranging from five to ten years.
“All previous licences issued by the defunct Precious Minerals Marketing Company and the Ministry of Lands and Natural Resources have been revoked,” Mr. Gyamfi stated, adding that “the era of operating under outdated licences is over.”
To strengthen enforcement, President John Dramani Mahama is expected to commission the Gold Board Task Force on July 8, 2025. The task force, operating under the National Security Secretariat, will be vested with policing powers to combat illegal trading, smuggling, and price manipulation within the gold sector.
Since the application deadline of June 21, the Board has received over 300 applications for Tier 1 Buyer Licences, approximately 200 for Tier 2, and a smaller number for aggregator licences. To date, more than 240 licences have been approved, with applications still being accepted on a rolling basis.
To enhance transparency and efficiency, the Gold Board has digitised the entire licensing process, with fees now payable via the Ghana.gov platform.
Mr. Gyamfi urged all stakeholders to comply fully with the new regulations to avoid prosecution and to help secure greater economic benefits from Ghana’s gold industry.
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