The Media Relations Officer of the Ghana Gold Board, Prince Kwame Minkah, says the sweeping overhaul of the country’s gold trading framework is aimed at formalising operations and curbing widespread smuggling in the sector.

According to him, the long-standing issue of gold smuggling has reportedly led to significant losses in national revenue and foreign exchange.

“Previously, the gold trade was largely informal, and foreigners exploited this system to smuggle gold out of the country. With GoldBod now at the center, all gold transactions can be traced, and the system will be more transparent,” he stated in an interview on Joy FM's Top Story on Monday, April 14.

He further emphasised that the reform is expected to strengthen the Ghanaian cedi, as more gold exports will now go through formal channels, enabling the government to build reserves and stabilise the local currency.

“With Ghanaian dealers at the forefront and GoldBod coordinating exports, we expect to see an increase in declared gold sales and a corresponding rise in foreign currency earnings,” he added.

This follows the passage of the Ghana Gold Board Act, 2025 (Act 1140), which establishes the Gold Board as the sole legal entity mandated to buy, assay, and export gold in the country.

The law, passed by Parliament on March 29, 2025, and assented to by the President on April 2, 2025, revokes all existing licences issued by the Precious Minerals Marketing Company (PMMC) and the Minister responsible for Mines, with the exception of those granted to large-scale mining companies.

Media Relations Officer of the Ghana GoldBod explained that under the new framework, all gold trading must now go through GoldBod, which will act as the central regulatory and trading authority. This includes both local and foreign entities, with foreign nationals specifically required to exit the local gold trading space by April 30, 2025.

“This directive is not to end their participation entirely, but to streamline it. Foreigners can still buy gold, but only through the Gold Board,” Minkah clarified.

Responding to concerns about dealers who were previously licensed by the PMMC,Mr Minkah explained that these individuals and entities would not be entirely excluded from the sector.

“They will continue to operate but must now do so under the supervision and licensing of the Gold Board. The system is not shutting them out; it’s bringing them into a more transparent and accountable framework,” he assured.