The Ghana Gold Board has officially commenced the full implementation of the new gold trading licensing regime, introducing sweeping reforms aimed at eliminating illegal gold trading and smuggling across the country.

The enforcement of the Ghana Gold Board Act, 2025 (Act 1140) marks a major milestone in the government’s broader effort to restructure and formalise the gold trading industry to maximise revenue for the state.

At a press conference in Accra, the Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, emphasised that only individuals and entities duly licensed under the new framework are permitted to trade gold in Ghana.

“The new gold board licensing regime has taken full effect,” he said.

“Only Ghanaians who have gone through the approved process and obtained a valid licence from the Ghana Gold Board can legally engage in gold trading.”

Mr. Gyamfi clarified that the new law overrides all previous licences issued by the defunct Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources, rendering them null and void.

“Operating under old licences is no longer permitted. Those days are over,” he stressed.

Quoting Section 63 of Act 1140, Mr. Gyamfi warned that unlicensed trading constitutes a criminal offence punishable by fines and jail terms.

“Anyone found trading gold without a Gold Board licence commits an offence and is liable, upon summary conviction, to a fine of not less than 50,000 and not more than 200,000 penalty units, or imprisonment for a term between five and ten years—or both,” he said.

To reinforce compliance and crack down on illegal operations, President John Dramani Mahama will, on July 8, 2025, inaugurate the Gold Board Task Force at the National Security Secretariat (Blue Gate), Accra.

The task force will possess police-level powers and operate in coordination with a nationwide intelligence network to detect and halt illegal gold trade, smuggling, and price manipulation.

“This specialised unit is a critical part of efforts to protect Ghana’s mineral wealth and ensure fair pricing and accountability in the sector,” Mr. Gyamfi said.

The CEO disclosed that by the application deadline of June 21, 2025, the Gold Board had received:

Over 300 applications for Tier 1 Buyer Licences

About 200 applications for Tier 2 Buyer Licences

30 applications for Self-Financing Aggregator Licences

15 applications for Aggregator Licences

To date, more than 240 licences have been approved after meeting eligibility requirements. Mr. Gyamfi confirmed that the application process remains open on a rolling basis, but unlicensed individuals and firms are barred from operating in the interim.

In line with promoting transparency and efficiency, the licensing process has been fully digitised.

Applicants are notified via email and online accounts, and payments are processed through the Ghana.gov portal.

Mr. Gyamfi concluded by urging all stakeholders to comply with the new licensing regime and support efforts to build a responsible, transparent, and economically beneficial gold trading system in Ghana.