The government of Ghana has officially prohibited foreigners from participating in the local gold trade, following the passage of the Ghana Gold Board Act, 2025 (Act 1140).

The law, passed by Parliament on March 29 and assented to by the President on April 2, introduces sweeping reforms to regulate gold trading in the country’s artisanal and small-scale mining (ASM) sector.

Below are nine key takeaways from the press statement issued by the Ghana Gold Board (GoldBod) on April 14, 2025:

1. All previous gold licences nullified

Effective immediately, all licences previously issued by the Precious Minerals Marketing Company (PMMC) or the Minister responsible for Mines—except those held by large-scale mining companies—are no longer valid.

2. GoldBod now sole authority

The Ghana Gold Board (GoldBod) has become the exclusive buyer, seller, assayer, and exporter of all gold produced in the artisanal and small-scale mining (ASM) sector.

3. Only GoldBod and its partners can trade locally

No individual or entity, unless licensed by the GoldBod or acting as an authorised aggregator or service provider, is permitted to purchase, sell, or export gold within Ghana.

4. Grace period until April 30 for existing licence holders

To accommodate existing contractual obligations, the GoldBod has permitted current PMMC or ministerial licence holders to continue operations until 30th April 2025, after which such activities will be illegal without a new GoldBod licence.

5. Local transactions must be in Ghana cedis

All gold purchases within Ghana must now be made strictly in Ghanaian cedis, with prices based on the Bank of Ghana Reference Rate, accessible via www.bog.gov.gh.

6. Ghanaians encouraged to reapply

Any Ghanaian individual or fully Ghanaian-owned company whose previous licence has expired—or who wishes to enter the gold trading space—must apply for a new licence under the Ghana Gold Board Act from 22nd April 2025.

7. Application process opens soon

The GoldBod will activate an online platform for licence applications on 22nd April. Physical applications can also be submitted at its Licensing and Regulations Office in Accra.

8. Foreigners must exit by April 30

All foreign nationals currently engaged in local gold trading must exit the market by 30th April 2025. Foreigners who wish to deal in gold can only do so by applying directly to the GoldBod to purchase gold.

9. Unlicensed trading becomes a crime from May 1

Starting 1st May 2025, any person or entity found dealing in gold without a GoldBod-issued licence will be committing a criminal offence punishable under Ghanaian law.

The GoldBod has urged all stakeholders to take the necessary steps to comply with the new legal framework. For further enquiries, the public is advised to contact the GoldBod via the numbers provided in the official statement.