GoldBod annuls all existing gold trading licenses for small-scale miners

Ghana Gold Board Revokes Gold Trading Licenses for Small-Scale Miners

On April 14, 2025, the Ghana Gold Board announced significant changes. They revoked all licenses issued by the Precious Minerals Marketing Company (PMMC). This decision aligns with the new Ghana Gold Board Act (Act 1140), 2025.

The Ghana Gold Board is now the only authorized body for gold transactions. This includes buying, selling, assaying, and exporting gold from small-scale mining. The board emphasized that previous licenses are no longer valid.

A grace period has been provided until April 30, 2025. During this time, previously issued licenses will be temporarily honored. All transactions must occur in Ghana cedis and follow the Bank of Ghana’s Reference Rate.

Foreign participants must exit the local gold trading market by the deadline. They can apply to purchase gold directly from the board but cannot operate within the local value chain. Starting May 1, 2025, purchasing or dealing in gold without a license will be punishable.

The Ghana Gold Board aims to improve transparency and compliance in the gold sector. It also seeks to formalize small-scale mining and provide support services for this industry.

However, some parliament members criticize these reforms. They argue that it legitimizes illegal small-scale mining practices known as galamsey. Illegal mining has devastated forests and farmlands across Ghana.

Ghana is Africa's largest gold producer and ranks sixth globally in production. The rise in global gold prices has led to increased illegal mining activities throughout the country.

In related news, Sammy Gyamfi denied allegations of misusing funds at PMMC. He claimed he did not spend GH₵173,940 on office furniture or appliances since his appointment as Managing Director.