? Legal Update: Biggest Overhaul of Ghana’s Gold Laws in 35 Years

By ClintonOur Publications

 

?? Ghana Gold Board Bill 2025 – What It Means for Investors, Government & the Gold Trade

Date of Passage: Friday, 29th March 2025
Status: Passed by Parliament | Presidential Assent  (2nd April 2025)

? Overview

The Ghana Gold Board Bill 2025 represents the most significant transformation in the country’s gold sector in over three decades. Once assented to by the President, it will formally establish the Ghana Gold Board (GoldBod)—a centralized state authority with far-reaching regulatory powers over gold purchasing, selling, and exporting.

This legislative reform is expected to drastically reduce smuggling, improve traceability, increase forex retention, and make Ghana more competitive on the global bullion market.

? Key Provisions Under the New Law

1. Establishment of GoldBod

A single-window state agency tasked with:

  • Regulating the entire gold supply chain

  • Enhancing traceability and data collection

  • Monitoring small-scale mining operations

  • Licensing aggregators and export actors

2. Exclusive Rights to Buy and Export

GoldBod becomes the sole buyer of gold from licensed small-scale miners via approved aggregators.
It will also:

  • Assay and certify gold

  • Handle all exports

  • Assume functions previously split between PMMC, Minerals Commission, and Customs

3. Formalisation of the Gold Trade

By consolidating regulatory oversight, GoldBod seeks to:

  • Disrupt illegal mining (‘galamsey’)

  • Curb under-declared exports

  • Build Ghana’s global credibility in gold trade compliance

? Implications for International Investors

? Streamlined Export Process

All international gold purchases and exports must now go through GoldBod or its licensed agents, replacing Ghana’s fragmented multi-agency system.

? Stronger Compliance Requirements

Investors will need to strictly comply with new export procedures, documentation protocols, and verification checks—especially during this transition period.

? Greater Market Stability

With reduced smuggling and more transparent pricing, the move is expected to help stabilize the Ghanaian cedi and build more predictable trade terms.

? Quality Assurance

All gold will undergo centralized assaying, reducing disputes and aligning exports with international purity and ESG standards.

 

? Investor Considerations Going Forward

  • Direct Engagement with GoldBod: Build early relationships with the agency to understand licensing, pricing, and operational structures.

  • Adjust Business Timelines: Plan for procedural shifts—especially around export timeframes and compliance documentation.

  • Stay Updated: As GoldBod evolves, regular legal and compliance checks will be essential.

? Market Context

  • Ghana exported $11.5 billion worth of gold in 2024.

  • Small-scale mining contributed approximately 40% ($4.6 billion).

  • The large-scale sector accounted for 60% ($6.9 billion).

?? Why This Reform Was Necessary

? Fragmented Oversight

Prior to GoldBod, gold regulation was split among the Bank of Ghana, PMMC, Minerals Commission, and others—causing duplication, regulatory gaps, and inefficiencies.

? Revenue Losses

Despite high export volumes, Ghana derived limited forex benefits due to under-declaration, smuggling, and lack of direct sales to global markets like the London Bullion Market.

? Weak Enforcement

Smuggling networks thrived in the absence of cohesive policy and enforcement tools, especially in the small-scale sector.

? GoldBod’s Potential to Simplify & Secure the Sector

Area Before After (with GoldBod)
Gold Export Multi-agency process (PMMC, Customs, Minerals Commission) Centralized under GoldBod
Traceability Weak; prone to smuggling Enforced tracking system
Export Confidence Inconsistent standards Standardized assays & certificates
International Access Limited global trust Greater AML & ESG compliance
Revenue Capture Royalties only Direct forex earnings for the state

? What This Means For You as an Investor

? For Transparent, Compliant Foreign Investors:

  • This could be a net positive, making it easier to purchase legal, traceable gold while reducing reputational and regulatory risk.

?? Will Costs Go Down?

Not necessarily. Investors will still pay:

  • 3% export royalties

  • Assay and customs fees

  • Standard export documentation charges

However, indirect cost savings may come from:

  • Less need for middlemen

  • Faster export processes

  • Fewer compliance risks

  • Reduced under-the-table payments

? Legal Safeguards for Government

  • Revenue Consolidation: Government ensures capture of export-related income that previously escaped through informal channels.

  • AML Compliance: The law boosts Ghana’s alignment with international anti-money laundering rules, reducing risks of gold being flagged as “conflict” or “dirty.”

? Final Thought

While not necessarily cheaper in the short term, the Ghana Gold Board Bill 2025 creates a more predictable, traceable, and secure environment for international investors. It signals Ghana’s maturity in managing its gold resources and offers credible incentives for compliance-oriented players seeking long-term engagement.

???? Legal Advisory & Support

To assess how the new law affects your operations or investment plans, or to establish relationships with GoldBod or licensed aggregators, reach out to:

Amanda Clinton
Founding Partner, Clinton Consultancy
? +233 27 252 2695
? amanda@clintonconsultancy.com