The Ghana Gold Board has officially launched the full implementation of its new gold trading licensing regime, marking a significant milestone in the government’s efforts to formalize the gold trading industry and maximize revenue for the state.
The new regime, backed by the Ghana Gold Board Act, 2025 (Act 1140), aims to eliminate illegal gold trading and smuggling across the country.
At a press conference in Accra, the Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, emphasized that only individuals and entities with valid licenses issued by the Board can legally trade gold in Ghana. He clarified that the new law overrides all previous licenses issued by the defunct Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources, rendering them null and void.
Mr. Gyamfi warned that unlicensed trading constitutes a criminal offense punishable by fines and jail terms, quoting Section 63 of Act 1140. “Anyone found trading gold without a Gold Board license commits an offense and is liable, upon summary conviction, to a fine of not less than 50,000 and not more than 200,000 penalty units, or imprisonment for a term between five and ten years, or both,” he said.
To enforce compliance, a Gold Board Task Force will be inaugurated on July 8, 2025, with police-level powers to detect and halt illegal gold trade, smuggling, and price manipulation.
The Ghana Gold Board has received over 300 applications for various licenses, with more than 240 licenses approved so far. The application process remains open on a rolling basis, but unlicensed individuals and firms are barred from operating in the interim.
The Board has fully digitized the licensing process, ensuring transparency and efficiency. Mr. Gyamfi urged all stakeholders to comply with the new licensing regime and support efforts to build a responsible, transparent, and economically beneficial gold trading system in Ghana.
Source: Apexnewsgh.com
