The Ghana Gold Board (GoldBod) has rejected assertions that it is simply a rebranded version of the defunct Precious Minerals Marketing Company (PMMC), describing such claims as inaccurate and misleading.

The clarification comes amid public debate over government reforms introduced in April 2025 to restructure the regulation of Ghana’s artisanal and small-scale mining (ASM) gold trade.

As part of the overhaul, GoldBod announced that all gold trading licences previously issued by the PMMC or the Minister for Mines—except those held by large-scale mining companies—had ceased to be valid.

GoldBod said the reforms are firmly grounded in law, citing the Ghana Gold Board Act, 2025 (Act 1140), which was passed by Parliament on March 29 and assented to by the President on April 2, 2025.

In a set of frequently asked questions issued on Monday, January 5, the board explained that it represents a fundamental institutional transformation rather than a mere change of name.

According to GoldBod, the former PMMC operated as a company limited by shares with the primary objective of making profits for its shareholder, and it neither exercised regulatory authority nor enjoyed exclusive rights over ASM gold purchases.

In contrast, GoldBod is a strategic public corporation mandated to generate foreign exchange for Ghana and support gold reserve accumulation by the Bank of Ghana, with exclusive rights to purchase all ASM gold through licensed traders.

The board further noted that GoldBod has been vested with extensive regulatory and enforcement powers that the PMMC never possessed, including the operation of a standing task force to combat gold smuggling and illegal trading.

It added that GoldBod also has the authority to purchase part or all of the output of large-scale mining firms through the government’s pre-emption rights.

“The scope of GoldBod’s mandate, powers and functions far exceeds that of the defunct PMMC,” the board stated, stressing that claims of a simple rebranding are unfounded.