The Ghana Gold Board’s Media Relations Officer, Prince Kwame Minkah, says the country’s gold trading system is undergoing a major transformation to curb rampant smuggling and bring more transparency to the sector.
Speaking in an interview on April 14, Mr Minkah noted that the informal nature of gold trading in the past allowed foreign actors to smuggle large quantities of gold out of the country, resulting in significant losses in national revenue and foreign exchange.
“Before now, gold trade lacked proper structure, and foreigners exploited the loopholes to smuggle gold. With GoldBod now in charge, every transaction will be traceable, making the system more transparent and secure,” he explained.
He added that the reform will also help strengthen the cedi, as formal gold exports will boost foreign exchange inflows and allow the government to build reserves.
“With Ghanaian dealers leading and GoldBod coordinating all exports, we expect a significant rise in declared gold sales and forex earnings,” he said.
The changes follow the passage of the Ghana Gold Board Act, 2025 (Act 1140), which makes GoldBod the sole legal entity responsible for buying, assaying, and exporting gold.
The law, passed by Parliament on March 29 and signed by the President on April 2, revokes all gold trading licences previously issued by the Precious Minerals Marketing Company (PMMC) and the Mines Ministry, except those for large-scale mining companies.
Under the new rules, all local and foreign gold trading must be conducted through GoldBod.
Foreign nationals currently operating in the local gold market are required to exit by April 30, 2025, but can still trade through the Gold Board.
“This isn’t a ban on foreign participation. It’s a move to streamline the system. Foreigners can still buy gold—but only through the Gold Board,” Mr Minkah clarified.
Addressing concerns of previously licensed dealers, he reassured that they are not being excluded.
“They will continue to operate, but under GoldBod’s supervision. This reform brings everyone into a more accountable and transparent framework,” he said.
