Foreign gold traders ordered to exit Ghana’s local market by April 30

The Ghana Gold Board (GoldBod) has issued a directive requiring all foreign nationals currently operating in the local gold trade to exit the market by 30th April 2025.

This follows the passage of the Ghana Gold Board Act (Act 1140), 2025, which significantly restructures the country’s gold trading framework.

Under the new law, all licenses previously issued by the Precious Minerals Marketing Company (PMMC) or the Minister responsible for Mines—except those granted to large-scale mining companies—have been revoked.

According to a statement by GoldBod’s Media Relations Officer, Prince Kwame Minkah, the Board is now the sole authority permitted to buy, sell, assay, and export gold from Ghana’s Artisanal and Small-Scale Mining (ASM) sector. Only persons or entities licensed directly by GoldBod as buyers, aggregators, or service providers may now engage in gold trading activities.

“All foreigners have been notified to exit the local gold trading market by 30th April 2025,” the statement declared.

Foreign nationals, however, are not entirely barred from Ghana’s gold trade. They may still apply to purchase gold directly from GoldBod as off-takers. But any involvement in the local gold value chain is no longer permitted.

To honour existing contracts and ensure a smooth transition, GoldBod says it will temporarily recognise valid PMMC or Ministerial licenses until the end of April. During this period, all transactions must be done in Ghanaian cedis and priced using the Bank of Ghana’s Reference Rate.

The statement also encouraged Ghanaians and fully Ghanaian-owned companies seeking to trade gold legally to apply for a new GoldBod license beginning 22nd April 2025, either online or at GoldBod’s Licensing and Regulations Office in Accra.

In a firm warning, the Board concluded: “It shall constitute a punishable offence for any person to purchase or deal in gold in Ghana without a license issued by the Ghana Gold Board, effective 1st May 2025.”