All PMMC Gold Trading Licenses Invalidated by GoldBod
The Ghana Gold Board (GoldBod) has announced the full assumption of regulatory and operational authority over the buying, selling, assaying, and exportation of all gold produced by Ghana’s licensed Artisanal and Small-Scale Mining (ASM) sector, effective May 1, 2025.
The directive follows the passage of the Ghana Gold Board Act, 2025 (Act 1140) by Parliament on March 29, 2025, and its subsequent assent by President John Mahama on April 2, 2025.
In a public statement issued on Monday, April 14, 2025, the GoldBod stated unequivocally that all licenses previously issued by the Precious Minerals Marketing Company (PMMC) and/or the Minister responsible for Mines to persons or entities—other than large-scale mining companies—to deal in gold are no longer valid.
“From 1st May, 2025, it shall constitute a punishable offense for any person to purchase or deal in gold in Ghana without a valid license issued by the Ghana Gold Board,” the statement emphasized.
Transition Period and Deadline
To accommodate existing contractual obligations and allow for a smooth transition, GoldBod disclosed that persons currently holding licenses from PMMC or the Mines Ministry will be permitted to continue gold transactions—under strict conditions—until April 30, 2025.
These transitional transactions must be conducted exclusively in Ghana cedis, and at a price benchmarked against the Bank of Ghana Reference Rate, available on the central bank’s official website.
New Licensing Framework
Ghanaian individuals or wholly-owned Ghanaian companies whose licenses have lapsed or who wish to enter the gold trading space are encouraged to apply for new licenses under the GoldBod Act, beginning Tuesday, April 22, 2025.
Applications may be submitted online via the GoldBod’s official website—set to go live on the same date—or in person at the Licensing and Regulations Office at the GoldBod’s head office in Accra.
Exclusion of Foreigners
In a move aimed at localizing the ASM gold trade, the GoldBod has also directed all foreign nationals and foreign-owned entities to exit the local gold trading market no later than April 30, 2025. However, foreigners may apply to buy or off-take gold directly from the GoldBod under newly defined conditions.
Regulatory Overhaul
The announcement marks a significant restructuring of Ghana’s gold trading landscape and consolidates control of the ASM sector under a single state authority.
The Ghana Gold Board’s move is expected to address long-standing concerns over revenue leakages, illegal gold exports, and regulatory inefficiencies associated with the ASM gold value chain.
The GoldBod added that only licensed buyers, aggregators, and service providers certified by the GoldBod will be allowed to engage in domestic gold trade moving forward.
