Ghana Gold Board Annuls All Existing Gold Trading Licenses for Small-Scale Miners
- The Ghana Gold Board revoked all licences previously issued by the Precious Minerals Marketing Company in line with new legislation
- The Ghana Gold Board is now the sole authorised body to buy, sell and export small-scale mining gold
- Foreign participants in the gold sector are to exit the local gold trading market by April 30, 2025
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The Ghana Gold Board has restructured Ghana’s gold trading framework following the passage of the Ghana Gold Board Act (Act 1140), 2025.
The law revoked all licences previously issued by the Precious Minerals Marketing Company (PMMC) and the sector minister, except for those granted to large-scale mining companies.
Source: Getty Images
In an April 14 statement, the Ghana Gold Board stressed that previous licenses have ceased to be valid.
The Ghana Gold Board is now the sole authorised body to buy, sell, assay, and export gold produced by the Artisanal and Small-Scale Mining sector.
These reforms are aimed at sanitising the local gold market and ensuring transparency and compliance within the sector.
The board, however, offered a grace period and will temporarily honour licences previously issued by the PMMC or the sector minister until April 30 2025.
During this period, transactions must be carried out in Ghana cedis and priced according to the Bank of Ghana’s Reference Rate.
Foreign participants in the sector are to exit the local gold trading market by the deadline.
Foreign nationals may still apply to purchase gold directly from the board but can no longer operate within the local gold value chain.
“It shall constitute a punishable offence for a person to purchase or deal in gold in the country without a licence issued by the Ghana Gold Board, effective 1st May 2025.”
About the Ghana Gold Board
The Gold Board is one of the top priorities of the Mahama administration.
It is aimed at economic revitalisation and would, among other things, be responsible for the sustainable management and marketing of the country's gold resources.
It would also include formalising the small-scale gold mining sector and providing mining support services for the industry.
On the need for the Gold Board, Amanda Clinton, a lawyer, noted to YEN.com.gh that it could also address concerns about the exclusion from global markets.
"...Inefficiencies prevented Ghana from selling directly on global bullion markets, including the London Bullion Market."
Ghana Gold Board galamsey fears
The Minority in Parliament accused the government of legitimising illegal small-scale mining by establishing the Ghana Gold Board.
Illegal mining takes place at thousands of sites around the country, including the forested regions famous for their cocoa farms, vast gold deposits, and critical waterbodies.
Source: Getty Images
Illegal mining, also known as galamsey, has been in practice for many years, but prices of gold have risen globally to an all-time high, crossing $3,000 per gram, and has also caused a corresponding surge in illegal mining across Ghana.
Ghana is Africa's largest gold producer and is ranked sixth globally.
Sammy Gyamfi denies office extravagance claims
YEN.com.gh reported that the acting Managing Director of the Precious Minerals Marketing Company, Sammy Gyamfi, denied allegations that he spent GH₵173,940 to purchase new furniture and a fridge for his office.
Gyamfi, the National Communications Officer for the National Democratic Congress (NDC), took to his official Facebook page to respond to the allegations on Saturday, February 15, 2025.
In the post, he described the allegations as “totally false,” stating that he had not made any attempt to replace any furniture or make any changes to his office since he was given the appointment to head the Precious Minerals Marketing Company.
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Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.
Source: YEN.com.gh
Delali Adogla-Bessa (Head of Current Affairs and Politics Desk) Delali Adogla-Bessa is a Current Affairs Editor with YEN.com.gh. Delali previously worked as a freelance journalist in Ghana and has over seven years of experience in media, primarily with Citi FM, Equal Times, Ubuntu Times. Delali also volunteers with the Ghana Institute of Language Literacy and Bible Translation, where he documents efforts to preserve local languages. He graduated from the University of Ghana in 2014 with a BA in Information Studies. Email: delali.adogla-bessa@yen.com.gh.
Samuel Gitonga (Copy editor) Samuel Gitonga is a Copy Editor at YEN.com.gh. He holds a Bachelor of Broadcast Journalism Degree from the Multimedia University of Kenya. He has over 7 years’ experience in the digital journalism industry. He started out his career at the Kenya News Agency and proceeded to work for several reputable media outlets in Nairobi.
