New gold trading law targets smuggling, formalisation in sector – GoldBod

Prince Kwame Minkah is the Media Relations Officer of the Ghana Gold Board. He stated that a major overhaul of gold trading aims to formalise operations. This change also seeks to reduce widespread smuggling in the sector.

Gold smuggling has caused significant losses in national revenue and foreign exchange. Previously, the gold trade was mostly informal. Foreigners exploited this system to smuggle gold out of Ghana. Now, with GoldBod in charge, all transactions can be traced for better transparency.

Minkah believes these reforms will strengthen the Ghanaian cedi. More gold exports will go through formal channels. This will help the government build reserves and stabilise the local currency.

Ghanaian dealers will lead exports, coordinated by GoldBod. This should increase declared gold sales and boost foreign currency earnings.

The changes follow the passage of the Ghana Gold Board Act, 2025 (Act 1140). This law makes Gold Board the only legal entity allowed to buy, assay, and export gold in Ghana. Parliament passed it on March 29, 2025, and the President signed it on April 2, 2025. It revokes all existing licenses from PMMC and Mines Minister except those for large-scale mining companies.

Under this new framework, all gold trading must go through GoldBod. It will serve as the central regulatory authority for both local and foreign entities. Foreign nationals must exit local gold trading by April 30, 2025.

Minkah clarified that this directive does not end foreign participation entirely. Foreigners can still buy gold but only through Gold Board.

Regarding concerns about previously licensed dealers from PMMC, Minkah assured they won't be excluded from the sector. They can continue operating under supervision and licensing from Gold Board. The goal is to create a more transparent and accountable framework for everyone involved.