Ghana Centralizes ASM Gold Trade Under GoldBod

Ghana has enacted the Ghana Gold Board Act (Act 1140) 2025, establishing the Ghana Gold Board (GoldBod) as the sole authority overseeing the artisanal and small-scale mining (ASM) gold sector. All previous ASM gold trading licenses, except for large-scale mining companies, have been revoked, and GoldBod alone is authorized to buy, sell, assay, and export ASM gold. Foreigners must exit the local gold market by April 30, 2025, but may apply to purchase directly from GoldBod. Gold transactions are required to be conducted in Ghana cedis at rates set by the Bank of Ghana, and unlicensed trading is now a punishable offense. The government states the move will combat illegal mining, boost revenue, and stabilize the currency, but critics question GoldBod’s capacity to manage the transition and warn of possible inefficiencies. This legislation comes as Ghana faces economic difficulties, surging gold prices, and persistent concerns over illegal mining and environmental harm.