Goldbod Takes Over: Foreigners Out, Ghana First – Prince Kwame Minkah
The newly established Ghana Gold Board (Goldbod) has officially taken charge of all gold buying, selling, and exporting activities from the small-scale mining sector, with a firm message: foreigners are no longer allowed to operate in Ghana’s gold trade unless through Goldbod.
Speaking on Kessben TV’s Maakye show this morning, Prince Kwame Minkah, Media Relations Officer of Goldbod, explained that the board’s main goal is to ensure that Ghana benefits fully from its gold resources, especially from the small-scale mining sector, which contributes significantly to gold output.
“This is not a galamsey board,” he clarified. “This is a serious national structure set up to help Ghana maximize its benefits and stabilize the Ghana cedi.”
According to him, all foreign entities involved in gold trade in Ghana must exit the local market by April 30, 2025. Those who still wish to buy gold can only do so directly through Goldbod. He also added that by the same date, permits issued by the Minerals Commission and PMMC will no longer be valid unless they are operating under Goldbod’s framework.
“No person other than Goldbod or its licensed partners will be allowed to buy or export gold in Ghana. This is a national agenda,” he emphasized.
Mr. Minkah also announced that all gold transactions must now be conducted strictly in Ghana cedis, using prices calculated based on the Bank of Ghana’s interbank exchange rate. This, he said, is part of the “Ghana First” strategy to build gold reserves and reduce the pressure on the local currency.
He called on all interested Ghanaians, especially small-scale miners and traders, to apply for new licenses under the Ghana Goldbod Act 1140, which takes effect from April 22, 2025. “If you want to trade in gold legally, come to Goldbod for your license,” he said.
To ensure a smooth transition, existing licensed buyers can continue operations until April 30. After that, only those licensed by Goldbod can remain in the business.
Reacting to public concerns that Goldbod might become like Cocobod, with issues of corruption and mismanagement, Mr. Minkah assured viewers that this initiative is different.
“We look at the past t
o build a better future. This is a new leadership with a new mandate. Goldbod is here to make a difference.”
He concluded by urging Ghanaians to support the board’s efforts to protect the country’s gold from exploitation and build strong gold reserves for economic stability.
“The Goldbod is for all of us. The focus is to stop illegal trade and use gold to strengthen the cedi. If we do it right, Ghana wins.”
By: Adeline Mumuni
