Sammy Gyamfi
The Ghana Gold Board (GoldBod) has revoked all gold trading licences previously issued by the Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources.
This, according to the Chief Executive Officer of GoldBod, Sammy Gyamfi, forms part of measures to crackdown on illegal gold trading and smuggling activities in the country.
“If you are not licensed by the Ghana Gold Board, you are committing a crime if you buy gold or engage in any form of gold trading,” Sammy Gyamfi told journalists on Monday, June 30, 2025.
He indicated that the GoldBod will no longer recognise all the gold trading licences previously issued by the PMMC or by the minister of mines, declaring that “We will no longer continue to respect the licences issued under the old regime.”
Sammy Gyamfi further indicated that, “That illegal regime has come to an end. PMMC licences or those issued by the ministry are not recognised under the current legal framework.”
Although he admitted that some gold traders may be unaware of the new regulations, he indicated that would not be an excuse for any person who flouts the law, stressing that “Ignorance of the law is no excuse. For the last time, we are communicating to all stakeholders across the country to do the needful.”
He assured that issuance of new licences under the new regime will be done with fairness and transparency, irrespective of political affiliation or association of applicants.
Taskforce
Sammy Gyamfi also indicated that President John Mahama is set to inaugurate the GoldBod Taskforce on July 8, 2025, to clamp down on illegal gold trading, price distortions and gold smuggling in the gold market.
“With the establishment of the Gold Board and the integration of the taskforce under the direction of President Mahama and the Minister of Finance, we hope to intensify the fight against smuggling. The approach so far has been ad hoc. We have been relying on National Security personnel on a temporary basis,” he said.
He further indicated that any time National Security is deployed in the fight against illicit gold trading and other illegal activities, the market becomes disciplined, but once they are withdrawn, illegal activities quickly resume.
To tackle this, Sammy Gyamfi noted that the new taskforce to be established will have a permanent presence in enforcing discipline in the gold trade market.
“This time around, we are not going to recall them. We will have a permanent, standby force protecting the national interest, ensuring that everyone trading in gold is licensed,” he pointed out.
He added that “To have a licence means we have your data, weʼve conducted the necessary due diligence on you, we know the source of the funds youʼre using to trade in gold, and we can confirm that it’s clean money, not connected to money laundering or terrorism financing.”
BY Gibril Abdul Razak