GoldBod Approves 240 Licenses as New Trading Regime Takes Effect

The Ghana Gold Board (GoldBod) has approved more than 240 gold trading licenses by the final application deadline of June 21, 2025.

At a news conference held in Accra on June 30, Chief Executive Officer (CEO) of GoldBod, Sammy Gyamfi, announced the full implementation of the new gold trading licensing regime. He stated that the licenses were granted after the respective businesses met the eligibility criteria.

In total, over 300 applications were received for Tier 1 Buyer Licenses, approximately 200 for Tier 2 Buyer Licenses, 30 for Self-Financing Aggregator Licenses, and 15 for Aggregator Licenses.

“The management, with the approval of the board, has issued 240 licenses. Once we receive confirmation of payment, we will process your license, print it, and conduct the audit verification process. To date, 123 licenses have been printed and issued,” he explained.

The Act

The implementation of the Ghana Gold Board Act, 2025 (Act 1140) represents a significant step in the government’s agenda to restructure and formalize the gold trading sector for the benefit of the Ghanaian economy.

This Act explicitly revokes all previous licenses issued by the defunct Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources for gold trading purposes.

Enforcement

Mr. Gyamfi emphasized that the approval of these licenses is a critical step in enforcing the new gold licensing regime, which aims to enhance transparency, accountability, and regulatory compliance across the sector.

He noted that moving forward, only entities with valid licenses issued by GoldBod will be permitted to engage in gold trading activities.

The Board plans to intensify enforcement efforts to clamp down on unlicensed operations in accordance with the Ghana Gold Board Act, 2025 (Act 1140).

Applications still open

Mr. Gyamfi assured stakeholders that, despite the deadline, applications for Gold Board licenses continue to be accepted on a rolling basis.

However, unlicensed individuals or businesses are prohibited from participating in gold trading activities until they have obtained the appropriate licenses.

Sanctions

He warned that engaging in gold trading without the required license constitutes a criminal offense under Act 1140 and carries 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.

Quoting Section 63 of the Ghana Gold Board Act, Mr. Gyamfi emphasized that individuals or entities trading gold without a valid Gold Board license face prosecution, with penalties that include heavy fines and custodial sentences.

“A person who contravenes the law commits an offense and is liable, upon 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.