What every gold trader and aggregator must know

For miners, traders, refiners, and investors, this means doing business the right way legally, transparently, and under proper supervision.

This article gives a practical guide to how the new system works, who needs a licence, the types of licences available, and what you need to qualify. It’s designed to help you understand the new rules before you invest or operate in Ghana’s growing gold sector.

2. WHY THE GOLDBOD WAS ESTABLISHED

Before 2025, the Precious Minerals Marketing Company (PMMC) handled gold marketing. However, the system suffered from widespread informality, illegal smuggling, and loss of national revenue.

The GoldBod Act (Act 1140) centralises control of all gold activities. The Gold Board’s core objectives are to:

• License and regulate all participants in the gold trade.
• Ensure traceability and transparency in the movement of gold.
• Promote local ownership and participation in the gold value chain.
• Encourage value addition through refining and jewellery fabrication.
• Enforce compliance with anti–money laundering (AML) and environmental standards.

In essence, GoldBod is the new gatekeeper of Ghana’s formal gold economy.

3. WHO NEEDS A LICENCE

Section 26 of the Ghana Gold Board Act, 2025 requires every person or company engaged in any aspect of gold trading or handling to obtain a licence. This includes:

The law defines this business very broadly to include nearly every activity connected to gold.

Here’s what that means in simple terms:

1. Aggregation: Collecting gold from different miners and combining it into larger quantities for resale or export.
2. Buying and Selling: Purchasing or reselling gold in any form  whether raw, refined, or processed.
3. Assaying: Testing gold to determine its purity and quality.
4. Smelting: Melting gold to remove impurities or to prepare it for refining.
5. Exportation and Importation: Sending gold out of Ghana or bringing gold into the country for trade or processing.
6. Refining and Processing: Purifying gold to make it ready for use in manufacturing or investment.
7. Shipment, Storage, and Transportation: Moving or safely keeping gold from one point to another  whether locally or internationally.
8. Transhipment and Transit: Transferring gold from one carrier or shipment to another while passing through Ghana.

The law also covers fabrication or value addition, which means using gold to make:

1. Castings or mints
2. Jewellery or ornaments
3. Coins or bars
4. Bullion (pure gold in bulk form)
5. Industrial components (for electronics, machinery, etc.)

No one can do any of these activities without first getting a GoldBod licence.

4. WHO CAN APPLY

GoldBod licences are reserved for Ghanaians.
To qualify, an applicant must be either:

• A Ghanaian citizen, aged 18 or above; or
• A company incorporated in Ghana that is wholly owned by Ghanaian citizens.

Foreigners cannot apply directly for licences. However, they may participate through joint ventures or off-taker arrangements with licensed Ghanaian entities.

5. UNDERSTANDING THE DIFFERENT LICENCE TYPES

According to the GoldBod website and legal commentaries, the following licences are among those that businesses may apply for under the Ghana Gold Board Act, 2025 (Act 1140): Mondaq+3Mondaq+3goldbod.gov.gh+3

1. The official GoldBod “Licensing” page lists the categories: “aggregator, buyer, refining, smelting, importation, fabrication, storage, and transportation licences.” 
2. A commentary on the Act lists exactly the same 10 licence types under Section 27 of Act 1140
3. For example the Aggregator Licence page on GoldBod specifies requirements: minimum working capital (US$2 million equivalent), three years trading experience in gold, etc. goldbod.gov.gh

AGGREGATION LICENCE

This licence allows a business to purchase gold from small-scale miners and combine (aggregate) it for resale to the Ghana Gold Board or other licensed buyers.
Key Requirements:

• Must be a Ghanaian-owned company or citizen.
• Minimum working capital of USD 2 million (or equivalent).
• At least three offices in different mining areas.
• Secure vaults, transport, insurance, and audit systems.
  Ideal For: Large Ghanaian trading firms or financiers with nationwide operations.
  Purpose: To formalise gold collection and stop smuggling by ensuring miners sell through approved channels.

BUYING LICENCE

The Buying Licence authorises individuals or companies to buy gold directly from licensed miners or aggregators for resale within Ghana.
Requirements:

• Ghanaian ownership.
• Proven capital base and trade record.
• Compliance with GoldBod’s official buying prices.
  Ideal For: Mid-level traders and dealers who purchase from aggregators or regional mining communities.
  Purpose: To create legal middlemen and ensure gold traceability through controlled markets.

REFINING LICENCE

A Refining Licence allows the holder to purify gold to a higher level of fineness before resale or export.
Requirements:

• Ownership or control of a refinery facility.
• Environmental permit (EPA), security systems, and trained personnel.
• Technical capacity to meet GoldBod standards.
  Ideal For: Refining companies and investors seeking to add value within Ghana.
  Purpose: To promote domestic refining and reduce the export of raw gold.

 EXPORT PARTNERSHIP LICENCE

This licence enables a company to export gold under an approved partnership with the Ghana Gold Board.
Requirements:

• Ghanaian ownership or partnership agreement with a licensed entity.
• Compliance with export documentation and customs laws.
  Ideal For: Exporters and investors who want to work with GoldBod for international sales.
  Purpose: To ensure official exports and prevent under-invoicing or smuggling.

STORAGE LICENCE

A Storage Licence covers the safe custody of gold in vaults, warehouses, or secure storage facilities.
Requirements:

• Insurance cover for stored gold.
• Certified security and surveillance systems.
• Compliance with GoldBod inspection protocols.
  Ideal For: Logistics and security companies, banks, and vault operators.
  Purpose: To regulate how and where gold is stored to prevent theft and illegal movement.

IMPORTATION LICENCE

Allows companies to bring gold into Ghana for refining, resale, or industrial use.
Requirements:

• Proof of legal source of the imported gold.
• Declaration to GoldBod before import.
  Ideal For: Refiners, manufacturers, and investors sourcing gold abroad.
  Purpose: To ensure traceability of foreign-sourced gold entering Ghana.

TRANSHIPMENT LICENCE

Permits the transfer of gold between carriers, shipments, or storage while in transit through Ghana.
Requirements:

• Security clearance and customs approval.
• Detailed tracking and audit trails.
  Ideal For: International gold transporters and logistics providers.
  Purpose: To ensure that all gold passing through Ghana is traceable and legally accounted for.

TRANSPORTATION LICENCE

This licence authorises the movement of gold within Ghana  from mine sites to refineries, aggregators, or GoldBod depots.
Requirements:

• Use of registered, secure vehicles.
• Licensed security escort.
• GPS tracking and route approval.
  Ideal For: Transport companies handling gold logistics.
  Purpose: To reduce theft, smuggling, and unauthorised transfers of gold.

SMELTING LICENCE

Authorises the holder to melt raw or semi-processed gold as part of the purification or production process.
Requirements:

• Safe smelting equipment and environmental safeguards.
• Proper waste and emissions control.
  Ideal For: Processing plants and refineries.
  Purpose: To control artisanal smelting and reduce illegal refining.

FABRICATION LICENCE

A Fabrication Licence allows businesses to make jewellery, coins, bars, bullion, or industrial components using gold.
Requirements:

• Proof of a manufacturing or jewellery facility.
• Skilled artisans or technicians.
• Tax and environmental compliance.
  Ideal For: Jewellers, goldsmiths, and manufacturers.
  Purpose: To promote local value addition and expand Ghana’s gold fabrication industry.

6. THE APPLICATION PROCESS

1. Prepare Documentation :business registration, police clearance, tax and SSNIT certificates, proof of capital, and operational plans.
2. Submit Application : through GoldBod’s online portal or the Accra head office.
3. Inspection & Verification : GoldBod officers will inspect your premises and validate your financial records.
4. Pay Fees : application and licence fees vary by category.
5. Approval & Issuance : successful applicants receive a one-year licence, renewable annually upon compliance.

GoldBod began issuing licences officially on 23 April 2025.
(Source: MyJoyOnline)

7. OBLIGATIONS AFTER LICENSING

Once licensed, you must:

1. Buy only from registered small-scale miners.
2. Issue official GoldBod receipts for every transaction.
3. Submit monthly transaction reports to GoldBod.
4. Buy and sell at official GoldBod prices.
5. Keep accurate financial and operational records for at least five years.
6. Comply with AML/KYC regulations and report suspicious transactions.
7. Allow unannounced inspections by GoldBod officers.

Failure to comply may result in suspension or revocation of your licence.

8. COMMON MISTAKES TO AVOID

1. Trading without the appropriate licence.
2. Misrepresenting ownership (foreign participation disguised as local).
3. Failing to keep records or issue official receipts.
4. Ignoring reporting and inspection duties.
5. Delaying licence renewal beyond expiry.

Each of these can attract serious regulatory and criminal penalties under Act 1140.

9. CONCLUSION

The GoldBod Act represents a bold step toward a transparent and value-driven gold sector. It rewards compliance and professionalism while penalising shortcuts and informality.

For every serious player in the gold business  from miner to exporter now is the time to get licensed, stay compliant, and operate confidently within the law.

Author:
Kwasi Gyamfi Boadu, Esq., LL.M.
Barrister & Solicitor of the Supreme Court of Ghana
Henewaa Chambers, Sunyani