GoldBod revokes all PMMC ASM licences

The Ghana Gold Board (GoldBod) has made a significant change. All existing gold trading licenses from the Precious Minerals Marketing Company (PMMC) or the Minister for Mines are now invalid. This excludes licenses held by large-scale mining companies.

This directive follows the Ghana Gold Board Act (Act 1140). Parliament passed this act on March 29, and the President approved it on April 2, 2025. From now on, GoldBod will be the only legal buyer, seller, assayer, and exporter of gold from licensed artisanal and small-scale mining (ASM) operators in Ghana.

The goal is to reduce smuggling and streamline trade. It also aims to ensure full state oversight of the ASM sector. The statement emphasized that only GoldBod can export ASM gold from Ghana.

To prevent disruptions, GoldBod has offered a transitional grace period. Those with PMMC or Minister-issued licenses can continue operations until April 30, 2025. However, starting May 1, anyone dealing in gold without a GoldBod license will face penalties.

Additionally, all licensed local gold buyers must trade in Ghana cedis. They should use exchange rates from the Bank of Ghana’s website for transactions. Foreign nationals must exit the local ASM gold trading market by April 30, 2025.

Foreigners can still apply to buy gold directly from GoldBod but cannot operate independently in ASM trade anymore. The statement noted that purchasing or dealing in gold without a GoldBod license will be punishable after May 1, 2025.

Ghanaians and fully Ghanaian-owned companies can apply for new licenses starting April 22, 2025. Applications can be made online or at the GoldBod Licensing and Regulations office in Accra. This regulatory overhaul aims to enhance transparency and boost government revenue from Ghana's ASM gold sector. This sector accounts for over 30% of the nation’s gold output.