In a major shake-up of Ghana’s artisanal and small-scale mining (ASM) sector, the Ghana Gold Board (GoldBod) has revoked all gold trading licenses issued by the Precious Minerals Marketing Company (PMMC) and the Minister for Mines, excluding those granted to large-scale mining firms.
The directive, backed by the newly passed Ghana Gold Board Act (Act 1140), signed into law on April 2, 2025, makes GoldBod the sole legal authority for buying, selling, assaying, and exporting ASM gold in Ghana.
Effective immediately, only GoldBod is permitted to export gold from ASM operators. However, a transition period allows current PMMC and Ministerial license holders to operate until April 30, 2025. From May 1, all gold dealings without a GoldBod-issued license will be illegal and punishable.
In a bid to promote monetary control, GoldBod has mandated that all local gold trades be conducted in Ghana cedis, referencing exchange rates from the Bank of Ghana.
Foreign nationals involved in local ASM gold trading have also been ordered to exit the sector by April 30. While they may still apply to buy gold from GoldBod, independent operations within the local ASM market will no longer be allowed.
New license applications for Ghanaians and wholly Ghanaian-owned companies open on April 22, 2025, via GoldBod’s office or online.
This sweeping reform aims to curb smuggling, enhance transparency, and increase state revenue from ASM, which contributes over 30% of Ghana’s gold output.
