GOLDBOD Declares Crackdown on Illegal Gold Traders


 The Ghana Gold Board (GOLDBOD) has officially announced the full enforcement of a new gold trading licensing regime, warning that from this point forward, only individuals and entities licensed by the Board are legally permitted to engage in gold trading activities in the country.

Speaking at a press conference in Accra, Chief Executive Officer of GOLDBOD, Sammy Gyamfi, emphasized that the era of operating under old permits issued by the defunct Precious Minerals Marketing Company (PMMC) or the Ministry of Lands and Natural Resources is over.

“All previous licenses have been revoked under the Ghana Gold Board Act, 2025 (Act 1140). From now on, only those who have followed the approved process and obtained licenses from GOLDBOD are authorized to trade in gold in Ghana,” he stated.

The Ghana Gold Board Act, passed by Parliament on March 29, 2025, and assented to by the President on April 2, was enacted to restructure and regulate the gold trading sector and to ensure Ghana derives maximum value from its gold resources.

Mr. Gyamfi noted that although the final deadline for compliance—June 21, 2025—has passed and will not be extended, traders can still apply for licenses going forward. However, no one may engage in gold trading without a valid GOLDBOD license.

“If you trade without a valid Gold Board license, you are committing a serious offense,” he warned, citing Section 63 of Act 1140. That section imposes strict penalties for unauthorized gold trading, including fines ranging from 50,000 to 200,000 penalty units, imprisonment between five and ten years, or both.

He encouraged all stakeholders to take advantage of the Board’s fair and transparent licensing process, noting that detailed requirements and license categories have been published on the GOLDBOD website.

“Come July 8, enforcement begins. For those who choose to defy the law, we are coming after you,” Gyamfi declared, reaffirming the state’s commitment to sanitizing Ghana’s gold trade for the benefit of the nation.

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