We will eliminate black market trading in Ghana’s gold sector, says GoldBod rep

The Ghana Gold Board (GoldBod) has taken full regulatory control of gold trading in the country, revoking all licences previously issued by the Precious Minerals Marketing Company (PMMC) and the Ministry of Mines, except those held by large-scale mining companies.

Speaking on the Asaase Breakfast Show on Tuesday (15 April), GoldBod’s Media Relations Officer, Zainab Alhassan, announced that from 1 May 2025, the Board will be the sole buyer, seller, assayer, and exporter of gold from the Artisanal and Small-Scale Mining (ASM) sector.

“The Parliament on March 29th passed a new law, and it was assented to by His Excellency John Dramani Mahama on April 2nd. GoldBod is now the sole entity that has the authority to buy, sell, assay and export gold from the country,” Zainab said.

She explained that all artisanal miners, aggregators, and gold traders must now register directly with GoldBod under the Ghana Gold Board Act (Act 1140), 2025. Existing licences issued by the PMMC and the Minerals Commission have ceased to be valid.

“From April 22nd, a website will be available for new licence applications and renewals. All transactions must be made in Ghana cedis, using a reference price pegged to the Bank of Ghana’s rate,” she added.

Zainab emphasised that the goal is to eliminate black-market trading and illegal gold smuggling, ensuring that Ghana’s gold trade becomes more transparent and contributes to national development.

The GoldBod will issue four categories of licences: aggregator licence, self-financing aggregator licence, buyer tier one licence, and buyer tier two licence. All foreign individuals and companies currently involved in local gold trading are required to exit the sector by 30 April 2025.

“GoldBod is indigenising gold trade to stabilise the local currency. Foreigners can only trade directly with the GoldBod. It is now a punishable offence to buy or sell gold without a valid GoldBod licence,” she warned.

Mining consultant Wisdom Edem Gomashie also weighed in on the new law, describing the initiative as “a good creation” that could bring structure and transparency to Ghana’s gold market. However, he warned that making GoldBod the sole buyer and exporter could fuel more gold smuggling.

“Smuggling has existed for decades. Even when the Bank of Ghana offered premium prices, gold was still smuggled. The miners will always sell where the price is better,” Gomashie noted.

He urged the GoldBod to align its pricing with international market rates to prevent the resurgence of illegal trade, stressing that overly restrictive laws could backfire.

“If the reference price is not competitive, the gold will flow to the black market. We must not militarise trade in a democratic country,” he cautioned.

Gomashie further advocated for transparency, regular public engagement, and room for strategic foreign partnerships to avoid what he described as state capture or elite dominance in the sector.

“Let’s not mistake indigenisation for isolation. If foreigners are pushed out completely, they’ll simply front through Ghanaians, which may worsen the situation,” he said.

Despite his concerns, Gomashie maintained that with the right implementation strategy, the GoldBod could become a game-changer in Ghana’s natural resource governance.

“If we handle the small-scale mining sector responsibly, with compliance and fair pricing, the nation could significantly reduce its reliance on external loans like those from the IMF,” he concluded.

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