Gold trading without license in Ghana is now officially a criminal offense, according to a strong directive from the Ghana GoldBoard (GoldBod). The agency has invalidated all previously issued gold trading permits from the Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources.
Ghanaians involved in gold trading must now obtain new licenses directly from the GoldBoard. Speaking at a media briefing in Accra, GoldBod’s Chief Executive Officer, Sammy Gyamfi, warned that the grace period for compliance ended on June 21, and violators would face legal consequences.
“If you are not licensed by the GoldBoard, you’re breaking the law,” he emphasized. “Anyone involved in gold trading without the GoldBoard’s authorization is committing a serious crime.”
To combat illegal activity and protect national revenue, a new task force with police-level authority will soon be launched by the President. This unit will target gold smuggling, price manipulation, and unlicensed operations.
Applications for GoldBoard licenses remain open. “We’re open to receiving and processing applications fairly,” Mr. Gyamfi added, encouraging prospective dealers to use the agency’s official portal.
Over 300 Tier One license applications were received before the deadline, with 240 already approved. In June alone, GoldBoard injected $900 million into the Bank of Ghana’s foreign reserves—a major boost compared to previous gold export figures.
Strict penalties now apply under the Ghana GoldBoard Act, 2025 (Act 1140). Offenders may face fines of GHS 50,000–200,000 in penalty units, five to ten years in prison, or both.
Mr. Gyamfi also revealed that only Ghanaian citizens are eligible for licenses, and foreigners caught flouting the law will be prosecuted instead of deported.
He praised traders who have complied with the new framework and described the initiative as a national effort to safeguard Ghana’s natural resources and financial future.
“Gold trading without license in Ghana will no longer be tolerated,” he stressed. “This is about protecting Ghana’s economy, boosting foreign exchange, and ensuring transparency in the gold market.”
The GoldBoard urges the public to verify licensed gold dealers on its official website, which goes live on July 1, 2025.
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