The Ghana Gold Board has officially begun full enforcement of the Ghana Gold Board Act, 2025 (Act 1140), launching a rigorous licencing regime aimed at eliminating illegal gold trading and smuggling activities nationwide.
Speaking at a press conference in Accra, the Chief Executive Officer of the Gold Board, Mr. Sammy Gyamfi, announced that only individuals and entities with valid licences issued under the new framework are legally permitted to trade gold in Ghana.
“The new Gold Board licencing regime has taken full effect,” Mr. Gyamfi stated. “Only Ghanaians who have gone through the due process and secured a licence from the Ghana Gold Board can lawfully engage in gold trading.”
He warned that trading gold without a licence is now a criminal offence, punishable under the newly enacted legislation. According to Section 63 of Act 1140, violators face fines ranging from 50,000 to 200,000 penalty units or imprisonment between five to ten years, or both.
In a significant policy shift, the Act revokes all previously issued licences from the defunct Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources.
“The era of operating under obsolete licences is over,” Gyamfi declared, reinforcing the Board’s intent to restore order and accountability within the gold trade.
Presidential Task Force to Lead Enforcement
As part of the sweeping reforms, President John Dramani Mahama is set to commission the Gold Board Task Force on July 8, 2025, at the National Security Secretariat (Blue Gate), Accra. The new task force will be empowered with the same authority as police officers and tasked with clamping down on smuggling, illegal sales, and pricing abuses in the sector.
“This specialised unit will coordinate with an intelligence network nationwide to identify and dismantle illegal operations,” Gyamfi revealed. “It will play a key role in protecting national revenue and ensuring Ghana benefits fully from its mineral wealth.”
Licensing Progress and Digital Applications
As of the June 21 deadline, the Gold Board had received over 300 applications for Tier 1 Buyer Licences, 200 for Tier 2, 30 for Self-Financing Aggregator Licences, and 15 for Aggregator Licences. More than 240 licences have already been granted to applicants who met the required standards.
The Board also announced that it has digitised the entire application process, enabling prospective traders to apply online, receive notifications via email, and pay fees through the Ghana.gov platform.
Mr. Gyamfi assured that the licencing process remains open, but unlicensed trading is strictly prohibited, regardless of application status.
A Call for Compliance
In his concluding remarks, the CEO urged all stakeholders in the gold industry to comply with the new licencing requirements.
“We are calling on all involved in the gold trade to align with this new regime. Failure to comply will not only attract prosecution but also jeopardise the integrity and economic value of Ghana’s gold sector,” he said.
The implementation of the new law represents a major step in the government’s efforts to restructure and formalise gold trading — a critical move to maximize state revenue, enhance transparency, and curb exploitation in one of Ghana’s most lucrative sectors.
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