THE GHANA GoldBoard (GoldBod) has declared that all gold trading licenses previously issued by the Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources are no longer valid. Henceforth, only traders licensed by the GoldBoard are permitted to operate legally.
Speaking at a media briefing in Accra, the Acting Chief Executive Officer of the Ghana GoldBoard, Lawyer Sammy Gyamfi, issued a firm warning that trading gold without a GoldBoard-issued license constitutes a crime under Ghanaian law.
“The deadline for compliance was June 21. Anyone trading without our license is committing a crime and will face the full rigours of the law,” Lawyer Gyamfi stated. He urged all individuals and entities interested in the gold trade to apply promptly for licensing through the Board.
To enforce the new regulatory regime, Lawyer Gyamfi announced the creation of a new security task force, which will soon be launched by President John Dramani Mahama.
The task force, he said, will have powers equal to those of the Ghana Police Service and will focus on tackling gold smuggling, price manipulation, and other illicit activities that undermine the country’s economy.
The GoldBoard boss disclosed that over 300 applications were received by the June 21st deadline under the new buyer license (Tier One) framework. He also revealed that the GoldBoard, within the last month, helped inject approximately $900 million in foreign exchange into the Bank of Ghana.
“This is a monumental achievement. In 2024, Ghana’s total gold export volume stood at just 66 stones. In contrast, this new framework is yielding historic forex inflows, helping to stabilize the Cedi and finance key government obligations,” he added.
To safeguard the integrity of the enforcement system, Mr. Gyamfi explained that the task force would benefit from technology-driven monitoring tools, incentive-based motivation schemes, and whistleblower protections to prevent corruption.
The GoldBoard reiterated its commitment to building a transparent, sustainable, and Ghana-first gold economy that maximizes national benefit and ensures regulatory fairness.
Source: Nationaltymes.com
