KEY POINTS
- Foreign nationals must exit local gold trading but can still buy through GoldBod.
- New gold trading law aims to curb smuggling and enhance transparency.
- GoldBod to coordinate gold exports, strengthening the Ghanaian cedi.
Prince Kwame Minkah, the Media Relations Officer of the Ghana Gold Board, said the overhaul of the gold trading framework aims to formalize operations and tackle widespread smuggling.
Minkah noted that gold smuggling had caused significant revenue and foreign exchange losses for the country. He highlighted that, previously, the gold trade was largely informal, allowing foreigners to exploit the system and smuggle gold out of the country.
With GoldBod overseeing transactions, all gold sales can now be traced, making the system more transparent.
GoldBod reforms are expected to strengthen the cedi and increase gold exports
Minkah explained that the reforms would strengthen the Ghanaian cedi by channeling more gold exports through formal routes. This will enable the government to build reserves and stabilize the local currency.
“With Ghanaian dealers at the forefront and GoldBod coordinating exports, we expect to see an increase in declared gold sales,” Minkah said, emphasizing the expected rise in foreign currency earnings.
The passage of the Ghana Gold Board Act, 2025 (Act 1140), established GoldBod as the sole legal entity mandated to buy, assay, and export gold in Ghana.
According to MyJoyOnline, the law, passed by Parliament on March 29, 2025, and assented to by the President on April 2, 2025, revokes all existing licenses issued by the Precious Minerals Marketing Company (PMMC), except for those granted to large-scale mining companies.
Foreign nationals required to exit the local gold trade
Under the new framework, all gold trading must go through GoldBod, which will act as the central regulatory authority. Foreign nationals must exit the local gold trading space by April 30, 2025.
However, Minkah clarified that foreigners could still buy gold but only through GoldBod. Ghana gold trading, GoldBod, gold smuggling, formalisation of gold trade, gold exports
