Parliament Passes Ghana Gold Board Bill into Law: Major Shift in Gold Export and Trade Regulations

 

In a landmark move to restructure and strengthen Ghana’s gold trading system, Parliament on Friday, March 28, 2025, passed the Ghana Gold Board Bill into law. This groundbreaking legislation establishes the Ghana Gold Board (GoldBod) as the sole authority responsible for overseeing, monitoring and managing the buying, selling, and export of gold and other precious minerals in Ghana.

Under the new law GoldBod has been designated as the exclusive exporter of gold from Ghana’s small-scale mining sector a development that marks a significant shift in how gold is traded and exported. Licensed traders and bullion dealers are now prohibited from directly exporting gold and must instead operate under the framework established by GoldBod.

The creation of GoldBod falls under the Ministry of Finance and is a key initiative introduced by President John Dramani Mahama. It forms part of broader efforts to sanitise the gold trade, improve revenue generation, and revitalize the Ghanaian economy through the formalisation of gold exports and trading.

In a public statement, Sammy Gyamfi the Chief Executive Officer of GoldBod outlined the requirements for individuals or companies seeking to apply for a license. These include:
• Proof of Ghanaian citizenship
• A minimum capital investment of at least 50 kilograms of gold, equivalent to US$50 million
• Audited financial statements or bank statements to verify capital availability
• Proof of investment partners or international off-takers willing to send funds for gold purchases
• All international partners must transfer funds through GoldBod

GoldBod will then convert the foreign currency into Ghanaian cedis at the interbank rate, after which the funds will be handed to a self-financing aggregator (who must also be Ghanaian). The aggregator procures the gold locally and earns a commission as a certified trader. The final export is managed by GoldBod and delivered to the off-taker who initially funded the transaction.

Foreign Traders Ordered to Exit by April 30

In a press release dated April 23, 2025, GoldBod issued a directive requiring all foreigners involved in gold trading to exit the market by April 30, 2025. The directive aims to promote local ownership and ensure compliance with the Ghana Gold Board Act, 2025 (Act 1140).

Additionally, all local transactions involving gold must now be conducted exclusively in Ghanaian cedis, using the Bank of Ghana Reference Rate. Any breach of these directives will be treated as a punishable offense under the new law.

The establishment of GoldBod and the passing of Act 1140 represent a significant transformation in Ghana’s mineral resource management. By streamlining gold exports through a single state-regulated body, the government aims to clamp down on smuggling, maximize revenue, and protect the interests of Ghanaians in the lucrative gold industry.

This new direction is expected to reshape the gold economy in Ghana offering both opportunities and challenges for stakeholders within the mining and trading space.