Ghana has now taken full control of all Artisanal and Small-scale Mining Gold operations in the country
April 28, 2025 | By Clifford Kwame Asamoah
On April 14th, Ghana’s Gold Board (GoldBod) issued an official press statement declaring that, beginning May 1st, GoldBod will become the sole authorized buyer, seller and exporter of all gold produced through Artisanal and Small-scale Mining (ASM) in the country. Furthermore, no person or company other than the GoldBod, or those licensed by the GoldBod, will be permitted to purchase or deal in gold in the country or export it. This press release follows the legislation of the Gold Board Act (Act 1140), passed by Ghana’s parliament on March 29th, 2025.
The act invalidates all gold licenses previously issued by the Precious Minerals Marketing Company (PMMC) or the Minister responsible for Mines, excepting licenses that were handed to large scale mining companies. The statement also makes clear that “all foreigners [were] notified to exit the local gold trading market no later than 30th April, 2025”. “A foreigner may however apply to the GoldBod to buy or off-take gold directly from the GoldBod,” it added.
This legislation comes after Ghana experienced a 53% surge in gold exports in 2024, and it marks another important step in Ghana’s efforts to curtail illegal mining in its territory. By tightening its grip on this important sector the Ghanaian government hopes to resolve what has been termed “Ghana’s the Gold Paradox”—though Gold dominates Ghana’s exports, contributing more than $9.5 billion USD in earnings annually, only 14% of this sum stays in the country’s economy due to unfavourable multinational agreements. The Gold Board Act will put an end to unfavourable, “colonial-era agreements” and allow the government to gain more control of this lucrative industry.
As the first country to regain its independence on the continent 68 years ago, Africa’s leading gold exporter is aiming to maximise its profits and ensure it fully benefits from the recent record-breaking rise in the price of gold.
The new legislation is not expected to impact any of Two Lake’s operations in the country, as all of ERC’s gold transactions are conducted in full cooperation with GoldBod and the PMMC.
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