On Friday, March 28, 2025, Parliament passed the Ghana Gold Board Bill 2025 into law.
The Ghana Gold Board is tasked with overseeing, monitoring, and managing the buying, selling, and export of gold and other precious minerals.
This law designates GoldBod as the sole exporter of gold from Ghana’s small-scale mining sector, effectively prohibiting licensed traders and bullion dealers from exporting gold directly.
As part of efforts to revitalise the local economy, President John Dramani Mahama initiated the establishment of the Ghana Gold Board (GoldBod), which falls under the Ministry of Finance.
The Chief Executive Officer of GoldBod, Sammy Gyamfi, has stated that, to apply for any license from the Gold Board, an individual must:
– Be Ghanaian.
– Demonstrate a minimum capital investment of at least 50kg of gold, which is equivalent to US$50 million.
– Provide proof through audited financial statements of their company or bank statements.
– Show evidence of bank statements from any investment partners or off takers outside the country who are willing to send funds for gold purchases.
– Additionally, the off taker or partner must transfer funds through GoldBod.
– GoldBod then converts the money into cedis at the interbank rate and purchases gold for customers through a self-financing aggregator, who must be Ghanaian.
– The aggregator uses the cedis to procure gold for GoldBod, earning a commission as a local trader.
– GoldBod then exports the gold to the offtaker who initially provided the funds via the Ghanaian self-financing aggregator.
Meanwhile, GoldBod has reiterated its directive for all foreigners in the gold trading sector to exit the market by April 30, 2025.
All individuals dealing in gold have also been directed to trade exclusively in Ghanaian cedis at the Bank of Ghana Reference Rate.
A breach of these directives shall constitute a punishable offense under the GoldBod Act, 2025 (ACT 1140). This directive was included in a press release issued by GoldBod on April 23, 2025.
Source: www.ghanaweb.com
