New Gold Trading Regime Explained – Part 1: Foreign Traders Must Meet $5M Minimum, Operate Through GOLDBOD Aggregators

Crackdown on Foreign Gold Traders Begins

The Ghana Gold Board (GOLDBOD) has announced a sweeping crackdown on foreign nationals involved in gold trading within the local market. This enforcement follows the expiration of all previously issued licenses by the Precious Minerals Marketing Company (PMMC) and the formal enactment of the new Ghana Gold Board Act.

At a press briefing, Managing Director of the Gold Board, Sammy Gyamfi, emphasized that it is now a criminal offense for foreigners to engage directly in gold trading within Ghana, effective April 30, 2025. Any foreigner continuing to trade gold locally after this date will face legal penalties.

End of PMMC Licensing: All Previous Permits Now Void

Section 78 of the new Ghana Gold Board Act states that all licenses issued under the previous regime—whether by PMMC or the Ministry of Lands and Natural Resources—are now invalid. The expiration of the PMMC Act marks a complete transition of gold trading authority to GOLDBOD.

Foreigners are not entirely barred from participating in the gold industry but must now meet stringent requirements and go through regulated channels. Only those with a minimum investment of $5 million—enough to purchase at least 50kg of gold—will be eligible to apply for a new license.

New Modality: All Foreign Trades Must Go Through Aggregators

Sammy Gyamfi clarified that foreigners must now transact through approved Ghanaian aggregators who hold self-financing licenses. The GOLDBOD will serve as the central agency through which all transactions flow.

Two key options are available for foreign involvement:

1. Apply through GOLDBOD, which will negotiate and ship the gold on behalf of foreign buyers.

2. Partner with Ghanaian aggregators who have been licensed under the new framework.

All funds must be routed through the Gold Board, which will convert foreign currency into cedis at interbank rates and disburse the equivalent to the aggregator. The aggregator will then procure the gold locally, earn commission, and facilitate its export.

Local Gold Traders Given Grace Period Until May 21

Local gold dealers who previously held PMMC licenses must also comply with the new GOLDBOD requirements. Although their deadline was originally set for April 30, the government has granted an extension until May 21, 2025, to allow local traders to either renew or apply afresh for a license under the new regime.

According to GOLDBOD, this three-week extension is final and will not be extended further. Any individual or business trading gold after May 21 without a valid GOLDBOD license will face the same criminal liability as foreign traders.

Applications must be submitted via the official GOLDBOD website: goldboard.gov.gh.

Government Targets and Performance Update

In the 2025 budget, the Finance Ministry allocated $279 million to GOLDBOD, with the expectation of exporting three tons of gold per week. As of now, the Board is averaging 2.5 tons weekly, slightly below the target.

Officials believe that with full operational control—no longer filtered through the Bank of Ghana—the Board will meet or exceed the weekly target soon. The Board is currently in the process of drawing down its budget allocation to support operations.

Key Takeaways for Gold Sector Players

• Foreigners can no longer trade gold directly in Ghana’s local markets.

• To participate, they must:

  • Have at least $5 million in capital.

  • Work through licensed Ghanaian aggregators.

  • Route all funds through GOLDBOD.

• All previous PMMC licenses are void as of April 30, 2025.

• Local dealers have until May 21, 2025, to comply or be barred.

• GOLDBOD is now the sole authorized body for gold trade oversight in Ghana.