Gold Trade Laws in Ghana: GoldBod Act 1140 Rules Explained
Gold Trade Laws in Ghana: Gold trading in Ghana is controlled mainly by the Ghana Gold Board Act, 2025 (Act 1140). It created the Ghana Gold Board (GoldBod) and replaced the Precious Minerals Marketing Company (PMMC).
Under Act 1140:
- GoldBod is the sole authorityfor buying, selling, assaying, valuing and exporting gold from Ghana’s artisanal and small-scale mining (ASM)
- Everyone else needs a GoldBod licence.Every other buyer, aggregator and exporter in that chain must hold one, and trading without one is an offence.
- Old licences no longer count.Licences issued under the old PMMC system were invalidated in 2025.
Other laws also apply:
- the Minerals and Mining Act, 2006 (Act 703), which covers mining rights, royalties and large-scale mines
- the Foreign Exchange Act, 2006 (Act 723), which requires export proceeds to come back through Ghanaian banks
- the Anti-Money Laundering Act, 2020 (Act 1044), which requires identity checks and record-keeping
For foreign buyers, the key rule is that foreign nationals have been barred from Ghana’s local gold buying and selling market since 30 April 2025. They must buy through GoldBod or a licensed exporter.
Gold Trade Laws in Ghana at a Glance
| Law | What it controls | Why it matters to gold buyers |
| Ghana Gold Board Act, 2025 (Act 1140) | Creates GoldBod; licensing; ASM gold buying, assay and export | The main law for any ASM gold transaction |
| Minerals and Mining Act, 2006 (Act 703), as amended | Mining licences, mineral rights, royalties, illegal mining offences | Governs mines, including large-scale mines that export their own gold |
| Minerals and Mining (Amendment) Act, 2019 (Act 995) | Tougher penalties for illegal mining | Raises the risk of dealing in illegally mined gold |
| Foreign Exchange Act, 2006 (Act 723) | Foreign exchange and export proceeds | Gold export proceeds must be returned through Ghana’s banking system |
| Anti-Money Laundering Act, 2020 (Act 1044) | Know-your-customer (KYC) checks, record-keeping, suspicious transaction reports | Every serious gold deal needs KYC and traceable payments |
| Ghana Investment Promotion Centre (GIPC) law | Registration and rules for foreign investors | Foreign companies operating in Ghana must register |
| Customs law (Ghana Revenue Authority) | Export declarations and clearance | Every gold shipment needs customs clearance |
How Ghana’s Gold Laws Developed
| Year | Law | What changed |
| 1986 | PNDC Law 153 (Small-Scale Gold Mining Law) | Legalised small-scale gold mining by Ghanaians |
| 1989 | PNDC Law 219 | Created PMMC to buy and export small-scale gold |
| 2006 | Minerals and Mining Act (Act 703) | Became Ghana’s main mining law |
| 2006 | Foreign Exchange Act (Act 723) | Set foreign exchange and repatriation rules |
| 2019 | Minerals and Mining (Amendment) Act (Act 995) | Increased penalties for illegal mining |
| 2020 | Anti-Money Laundering Act (Act 1044) | Updated AML and KYC duties |
| 2025 | Ghana Gold Board Act (Act 1140) | Created GoldBod; repealed PMMC’s law; centralised ASM gold trading |
The trend is clear: each new law has given the state more control and raised the penalties. Act 1140 completed that shift by putting all small-scale gold trading under one authority.
The Ghana Gold Board Act, 2025 (Act 1140)
What GoldBod does
Parliament passed Act 1140 in March 2025, and it received presidential assent in April 2025. It:
- created GoldBodas the state body that buys, sells, weighs, grades, assays, values and exports gold and other precious minerals from the ASM sector
- repealed the PMMC law (PNDCL 219)and moved PMMC’s functions to GoldBod
- made GoldBod the licensing authorityfor gold buyers, aggregators and other businesses in the ASM gold value chain
- made trading ASM gold without a GoldBod licence an offence
Large-scale mines are treated separately. They operate under their mining leases and Act 703, and they export their own production under those terms.
Old PMMC licences are no longer valid
Under the new regime, GoldBod invalidated licences issued under the PMMC system to individual buyers and exporters in 2025.
For buyers, this means:
- A PMMC licence or PMMC certificate offered for a new deal is not valid.
- Fake or expired PMMC papers are now a common scam,so always ask for current GoldBod credentials and check them with GoldBod.
GoldBod licence categories
| Licence | Who can hold it | What it allows |
| Tier 1 buyer | Ghanaians only | Buys from licensed small-scale miners and sells to Tier 2 buyers or aggregators. Cannot export |
| Tier 2 buyer | Ghanaian buyers | Buys from miners and Tier 1 buyers and sells to aggregators. Cannot export |
| Aggregator | Well-capitalised companies | Buys from licensed buyers and supplies GoldBod |
| Self-Financing Aggregator | Companies meeting GoldBod’s capital and experience requirements | Buys with its own funds and can export under GoldBod’s export rules |
| Other value-chain licences (refining, smelting, assay, transport) | Qualifying businesses | Operate those services within the GoldBod system |
| Large-scale mining lease | Mining companies under Act 703 | Mine and export their own gold |
Each licence has its own capital requirements, fees and minimum yearly volumes, which GoldBod can change. Check the current figures on the official GoldBod website before applying or relying on a seller’s status.
Buying, pricing and testing rules
- Official prices:since 1 July 2026, GoldBod has set two official prices a day (10:30am and 3:00pm). Both are based on the LBMA gold price and converted at the Bank of Ghana reference rate.
- Purity testing:since 1 October 2026, XRF testing decides purity and payment for gold bought by GoldBod and its licensed buyers. If the older water-density method is used instead, a 7% purity discount applies.
- Local refining before export:since 1 September 2026, self-financing aggregators must refine artisanal doré at a GoldBod-approved refinery in Ghana before export.
Can Foreigners Buy Gold in Ghana?
Foreigners can buy Ghanaian gold, but not in the local market.
- The local market is closed to foreigners.GoldBod ordered foreign nationals out of local gold buying and selling by 30 April 2025, so foreigners may no longer act as local gold buyers or traders.
- Small-scale mining is for Ghanaians only.Under Act 703, small-scale mining licences can be granted only to Ghanaian citizens.
- Legal routes for foreign buyers:
- Buy from GoldBodas an international buyer (off-taker), on GoldBod’s terms.
- Buy from a licensed exporter,such as a self-financing aggregator, that exports under GoldBod’s rules.
- Buy from a large-scale mine,directly or through its refiner.
- Registration:foreign companies setting up in Ghana must also register with the Ghana Investment Promotion Centre (GIPC) and meet its rules for foreign investors.
Treat any foreigner offering to sell you gold in Ghana’s local market as a red flag.
Export Rules: Documents for a Legal Gold Export
| Document | Purpose | Issued by |
| GoldBod licence or export approval | Proves the exporter is authorised | GoldBod |
| Assay certificate (XRF / refinery assay) | Confirms purity and weight | GoldBod-approved assayer or refinery |
| Refining record (artisanal doré) | Proves local refining before export | GoldBod-approved refinery |
| Certificate of origin | Confirms Ghanaian origin | Exporter / authorities |
| Proof of royalty payment | Royalties due under mining law | Exporter / authorities |
| Customs export declaration | Export clearance | Ghana Revenue Authority (Customs) |
| Commercial invoice and packing list (HS 7108) | Records the transaction | Exporter |
| Bank and foreign exchange records | Proceeds returned under Act 723 | Authorised dealer bank |
| KYC / AML file | Identity checks under Act 1044 | Exporter and buyer |
Royalties: gold royalties are set under mining law and regulations, and Ghana has used a sliding scale linked to the gold price. Check the current rate with GoldBod or the Minerals Commission. Don’t rely on a fixed figure from an old article.
Other Gold Trade Laws You Must Follow
Minerals and Mining Act, 2006 (Act 703)
This is Ghana’s main mining law. It covers:
- mineral rights and licences
- royalties
- environmental duties
- offences for illegal mining
Who it allows to mine:
- Small-scale mining licencesare reserved for Ghanaians.
- Large-scale minesoperate and export under their mining leases.
The 2019 amendment (Act 995) greatly increased the penalties for illegal mining (“galamsey”), including long prison terms.
Foreign Exchange Act, 2006 (Act 723)
This Act, and the Bank of Ghana rules under it, require gold export proceeds to be returned through Ghana’s banking system. For buyers, this means paying through authorised banks with a clear paper trail, not cash or informal transfers.
Anti-Money Laundering Act, 2020 (Act 1044)
Gold dealers and exporters must:
- verify customers’ identity (KYC)
- keep transaction records
- report suspicious transactionsto Ghana’s Financial Intelligence Centre (FIC)
Expect a legitimate seller to ask for your ID, company documents and the source of your funds. A seller who doesn’t ask is a warning sign.
Responsible sourcing
GoldBod promotes responsible, traceable sourcing in line with the OECD Due Diligence Guidance for minerals. This matters if your refinery, bank or customers require proof that your gold is conflict-free and legally sourced.
Penalties for Breaking Ghana’s Gold Trade Laws
| Offence | Possible consequences |
| Buying, selling or exporting ASM gold without a GoldBod licence | Criminal prosecution, fines and imprisonment under Act 1140; seizure of the gold |
| Illegal mining or dealing in illegally mined gold | Heavy fines and long prison terms under Act 703 as amended by Act 995; seizure of equipment and gold |
| Smuggling or exporting without customs clearance | Seizure of the gold, customs penalties and prosecution |
| Failing to repatriate export proceeds | Penalties under Act 723 and Bank of Ghana sanctions |
| Money-laundering breaches | Prosecution under Act 1044 |
These penalties apply to foreigners as well as Ghanaians. Exact fines and prison terms are set in each Act and can change, so get Ghanaian legal advice for large transactions.
How to Stay Within Ghana’s Gold Laws: Buyer Checklist
- Check the seller’s current GoldBod licence directly with GoldBod.Don’t accept PMMC papers.
- Make sure the seller is allowed to export.Tier 1 and Tier 2 buyers can’t.
- Never buy from a foreign “local dealer”in Ghana.
- Insist on an XRF or refinery assayand, for exports, proof of local refining.
- Check the export documentslisted above for your specific shipment.
- Pay through banks to a company account,never in cash or crypto.
- Expect KYC checks,and keep your own records.
- Get legal advice in Ghanafor large or long-term deals.
FAQs: Gold Trade Laws in Ghana
What is the main gold trade law in Ghana? The Ghana Gold Board Act, 2025 (Act 1140). It created GoldBod, which controls buying, selling, assaying and exporting gold from Ghana’s small-scale mining sector, and it requires everyone else in that trade to hold a GoldBod licence.
Is PMMC still operating in Ghana? No. Act 1140 repealed PMMC’s law and moved its functions to GoldBod. PMMC-issued licences are no longer valid.
Can foreigners buy gold in Ghana? Not in the local market. Since 30 April 2025, foreigners must buy through GoldBod, a licensed exporter, or large-scale mine channels.
Who can export gold from Ghana? GoldBod, licensed exporters operating under GoldBod’s rules (such as self-financing aggregators) and large-scale mining companies exporting their own gold. Tier 1 and Tier 2 buyers can’t export.
Is it illegal to buy gold without a licence in Ghana? Yes. Trading small-scale gold without a GoldBod licence is an offence, and the gold can be seized.
Must gold be refined in Ghana before export? Since 1 September 2026, self-financing aggregators must refine artisanal doré at a GoldBod-approved refinery in Ghana before export.
How is the official gold price set in Ghana? GoldBod sets two official prices each trading day, based on the LBMA gold price and converted at the Bank of Ghana reference rate. See our live gold price in Ghana page.
Need Gold Without Ghana’s Restrictions?
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- prices linked to the live spot price
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- the option to inspect the gold before you pay
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