GoldBod Regulatory Update: Clinton Consultancy’s Expert Guide for International Traders
Effective 1st May 2025, Ghana’s gold sector enters a new era of regulation. The Ghana Gold Board (GoldBod), created under Act 1140 of 2025, is now the sole body mandated to license, oversee, and manage the export of all Artisanal and Small-Scale Mining (ASM) gold in the country.
This major reform aims to curb revenue losses, eliminate unregulated trade, and ensure that more of Ghana’s natural wealth supports national development. For foreign gold traders, aggregators, and investors, this means immediate changes in how business can be lawfully conducted.
? What Has Changed?
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All previous licenses issued by the PMMC or Ministry of Lands and Natural Resources expire on 30th April 2025.
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From 1st May 2025, any gold trading or export outside the GoldBod system is a criminal offence.
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Foreign participation is still possible—but only through GoldBod licensing or as an off-taker purchasing directly from GoldBod.
? GoldBod Licensing Process
Licensing opens on 22nd April 2025. Applications can be submitted online or at the GoldBod head office in Accra.
Expected requirements:
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Proof of business registration in Ghana
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Financial disclosures
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Tax clearance and compliance documentation
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Beneficial ownership verification
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Anti-Money Laundering declarations
Clinton Consultancy offers full legal assistance with the application process and can serve as your local representative during submission and evaluation.
? Why This Matters to the International Market
Ghana remains Africa’s top gold exporter, producing over 3.7 million ounces annually. Yet, regulatory gaps have cost the state over $1 billion per year in lost taxes, FX repatriation, and royalties.
This reform—though disruptive in the short term—is aimed at formalizing the sector and improving transparency. However, if poorly implemented, it may drive activity underground.
? Licensing Clarification: Export Licenses, MinCom Permits, and the Role of GoldBod
With the passage of the Ghana Gold Board Act, 2025 (Act 1140), Ghana’s gold regulatory framework has been comprehensively overhauled. For clients holding or relying on export licenses or Minerals Commission permits, it is critical to understand what remains valid, what has been revoked, and how to remain compliant.
? Are PMMC or Ministry-issued export licenses still valid after 30th April 2025?
No.
All export licenses previously issued by the Precious Minerals Marketing Company (PMMC) or the Ministry of Lands and Natural Resources—particularly those related to Artisanal and Small-Scale Mining (ASM) gold—are revoked and rendered invalid as of 30th April 2025.
As of 1st May 2025, only the Ghana Gold Board (GoldBod) has the authority to license the export, assay, aggregation, or trade of ASM gold. Any attempt to export gold without GoldBod authorisation will constitute a criminal offence.
? What about Minerals Commission Licenses—are they still relevant?
Partially.
The Minerals Commission (MinCom) continues to issue:
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Small-scale mining concessions (for Ghanaian nationals only), and
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Large-scale mining leases (which can involve foreign equity).
However, a mining license alone does not confer the right to export gold. Under the new regime:
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All exports of ASM gold must go through GoldBod—even if the operator holds a valid MinCom license.
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Large-scale miners (e.g. AngloGold, Newmont, Gold Fields) may retain direct export rights, but they must still coordinate with GoldBod for assay confirmation and export reporting.
? What is GoldBod’s role in relation to exportation?
Under Act 1140, GoldBod is now the single regulatory authority for:
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Buying and aggregating gold from ASM sources,
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Issuing export licenses for ASM gold,
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Conducting or certifying assays,
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Approving exporters and off-takers,
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Monitoring all exports for revenue, royalties, and compliance.
This means that even if a company has historically worked with PMMC or had direct shipping arrangements, all future activity must go through GoldBod.
? How can foreign traders participate legally under the new framework?
Foreign individuals or entities must now comply with one of the following three options:
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Apply directly to GoldBod for an export license, subject to due diligence, tax compliance, and local incorporation.
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Act as an approved off-taker, purchasing gold directly from GoldBod through its centralized export platform.
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Form a Joint Venture (JV) or other commercial relationship with an aggregator or company already licensed by GoldBod to export.
Note: All foreign-owned companies must also be registered with the Ghana Investment Promotion Centre (GIPC) to legally operate, repatriate funds, and receive investor protection.
? Does a license from another African country allow exports from Ghana?
No.
Gold export laws are strictly jurisdiction-specific. A license from the DRC, Uganda, or Kenya does not entitle an entity to operate in Ghana. All foreign entities must be locally incorporated and licensed under GoldBod. However, Clinton Consultancy can facilitate licensing, incorporation, and legal representation across multiple African countries, often faster than deploying teams from Europe.
? How Clinton Consultancy Can Help
At Clinton Consultancy, we assist:
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Foreign gold traders transitioning from PMMC-era licenses
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Entities seeking to verify the scope of MinCom concessions
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JV structuring with licensed aggregators
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Application preparation for GoldBod export licenses
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Strategic lobbying with GoldBod and related agencies
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Cross-border setup in Uganda, Kenya, Côte d’Ivoire, Sierra Leone etc
Whether you’re seeking to retain your position in Ghana’s gold supply chain or expand into the new regulatory frontier, our team stands ready to guide you every step of the way.
? CONTACT US
Clinton Consultancy – Head Office
9th Floor, Emporium Building
Mövenpick Ambassador, Ridge, Accra
? Email: info@clintonconsultancy.com
? Tel: +233 27 252 2695
? www.clintonconsultancy.com
