The Ghana GoldBoard (GoldBod), the nation’s newly established regulatory body for the precious minerals sector, has announced the issuance of over 300 gold trading licences through its innovative, transparent digital system.
This figure underscores the rapid progress being made by the GoldBod to formalise and sanitise Ghana’s gold industry, which is Africa’s largest gold producer, with an annual output exceeding 4.2 million ounces in 2023.
Licences issued by the GoldBod are mandatory for all persons engaged in gold trading and related activities, including aggregation, buying, smelting, refining, transportation, and jewellery production.
Operating without a valid GoldBod licence can now result in significant fines (between GHC 600,000 and GHC 2,400,000) or imprisonment (five to ten years).
The announcement came from Sammy Gyamfi, the Chief Executive Officer of the GoldBod, who simultaneously delivered an uncompromising message to the newly inaugurated GoldBod Taskforce.
Speaking at their inauguration ceremony today, July 8, Mr Gyamfi cautioned the taskforce members against any form of abuse of authority, emphasising that unprofessionalism will not be tolerated.
“With the support of the president, we’ve provided the necessary orientation, training, logistics, and resources for the task force to operate effectively and fearlessly,” Mr Gyamfi stated. “We expect nothing but professionalism and patriotism from them.”
This task force is integral to GoldBod’s mandate, established by the Ghana Gold Board Act, 2025 (Act 1140), which officially replaced the Precious Minerals Marketing Company (PMMC) on April 2, 2025. The new Act aims to curb illicit gold trade, maximise foreign exchange inflows, and ensure greater value addition from Ghana’s rich gold resources.
While pledging full support to officers who act in good faith, Mr Gyamfi issued a stern warning to those who might be tempted to misuse their positions.
“Let me say that I have firm instructions to hold you to the highest standards of ethical conduct and accountability. We will protect those of you committed to doing your job, but we will deal ruthlessly with any member who brings the name of the government or the nation into disrepute,” he declared, highlighting the zero-tolerance policy for corruption and misconduct within the new regime.
The GoldBod CEO’s remarks come as Ghana continues its battle against illegal mining (galamsey) and gold smuggling, which have historically cost the nation billions in lost revenue and caused severe environmental degradation.
In 2024 alone, Ghana’s total gold export revenue stood at approximately US$11.5 billion, with small-scale mining contributing 40% (US$4.6 billion) and large-scale mining 60% (US$6.9 billion).
Despite these impressive figures, a significant portion of gold produced, particularly from the artisanal and small-scale mining (ASM) sector, has often bypassed official channels, leading to revenue leakages and difficulties in tracking foreign exchange inflows.
The GoldBod Act, 2025 (Act 1140), aims to centralise gold purchasing and export, especially from the ASM sector, to address these challenges.
A cornerstone of GoldBod’s strategy to combat illicit trade and promote transparency is its new digital licensing system. Mr Gyamfi appealed for public cooperation, especially from players in the gold trading industry, urging them to comply with the law.
“We must all make a commitment to comply with the law. And by that, I mean to trade gold legally — by ensuring you have a valid licence from the Gold Board before engaging in any gold transactions,” he stressed.
He further elaborated on the efficacy of the new digital system: “We’ve introduced a seamless, digital licensing system. As I speak, we’ve granted over 300 licences with minimal human involvement. The process is online, straightforward, and corruption-free. We have not taken a dime from any applicant.”
This digital shift is a radical departure from older, often manual processes that were susceptible to bottlenecks and corruption, potentially contributing to the proliferation of unlicensed operators.
“Those who have gone through it can attest that the system is transparent and fair. This is the new standard, and we encourage all stakeholders to comply,” Mr Gyamfi added, affirming the GoldBod’s commitment to fairness and accessibility in the licensing process.
Mr Gyamfi concluded by calling on all Ghanaians to support the initiative, emphasising that the success of the task force and the broader GoldBod mission depends on a collective national effort to sanitise the gold industry. This move is expected to not only boost foreign exchange inflows and national gold reserves but also foster a more responsible and sustainable gold mining sector in Ghana.
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