• goldcoastnewsline@gmail.com
• April 15, 2025
• 0 Comments
• 2 minutes Read

All gold trading licences issued by PMMC nullified – GoldBod announces

The Ghana Gold Board (GoldBod) has announced a significant restructuring of the country’s gold trading framework following the passage of the Ghana Gold Board Act (Act 1140), 2025.

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

“All licences issued by the PMMC and/or the Minister to a person other than a large-scale mining company to deal in gold have ceased to be valid,” the statement clarified.

With immediate effect, GoldBod is now the sole authorised body to buy, sell, assay, and export gold produced by the Artisanal and Small-Scale Mining (ASM) sector.

The statement stressed, “No person other than the Ghana Gold Board (GoldBod) is permitted to export ASM gold from Ghana.”

It further added that no individual or company may purchase or trade in gold unless they are a licensed buyer, aggregator, or service provider authorised by GoldBod.

According to the statement, the move is aimed at sanitising the local gold market and ensuring transparency and compliance within the sector.

To allow for a smooth transition, GoldBod will temporarily honour licences previously issued by the PMMC or the Minister until 30th April 2025. During this period, transactions must be carried out in Ghana cedis and priced according to the Bank of Ghana’s Reference Rate.

“All licensed persons or entities buying gold from the local market must do so in Ghana cedis,” the statement noted.

Ghanaians or Ghanaian-owned entities whose licences have lapsed—and those wishing to enter the gold trade—are encouraged to apply for a new GoldBod licence from 22nd April 2025, either online or in person at GoldBod’s Accra headquarters.

In a firm directive to foreign participants in the sector, the statement ordered all foreigners to exit the local gold trading market by 30th April 2025.

Foreign nationals may still apply to purchase gold directly from GoldBod but can no longer operate within the local gold value chain.

The statement concluded with a warning: “It shall constitute a punishable offence for a person to purchase or deal in gold in the country without a licence issued by the Ghana Gold Board, effective 1st May 2025.

Source: myjoyonline.com

• goldcoastnewsline@gmail.com
• April 4, 2025
• 0 Comments
• 3 minutes Read

Minority caucus criticizes government’s response to U.S. Tariff on Ghanaian Exports

The Minority Caucus in Parliament has launched a sharp critique of the government’s lack of action following the United States’ imposition of a 10% tariff on Ghanaian exports, warning that the country risks being blindsided in an emerging trade conflict.

In a statement signed by Michael Okeyer Baafi, the Ranking Member on the Trade, Industry, and Tourism Committee, the Minority accused the current administration of having “no response” to the newly imposed tariff, calling out the government’s failure to adequately prioritize the African Continental Free Trade Area (AfCFTA).

The statement emphasized that the previous administration had laid out a strategy to shield Ghana from external trade shocks, but this was abandoned by the government under President Mahama. “We have not seen a clear policy direction on exports by the NDC government. The government has played down the importance of AfCFTA in its budget and neglected export-oriented strategies that had shown promise under the NPP,” the statement read.

The 10% tariff, introduced by former U.S. President Donald Trump, threatens to undermine Ghana’s gains under the African Growth and Opportunity Act (AGOA), which currently grants over 6,700 Ghanaian products duty-free access to the U.S. market. AGOA is set to expire in September 2025 unless renewed.

Sectors at immediate risk from the tariff include apparel, cocoa derivatives (such as powder and paste), and yam exports—key industries benefiting from AGOA. The Minority has warned that the tariff could lead to severe economic consequences, including potential job losses. “This is not just a trade concern—it is a potential employment crisis in the making,” the statement noted, highlighting that the apparel industry alone employs over 5,000 young Ghanaians.

The Minority also reiterated the importance of AfCFTA, which was designed to reduce Ghana’s reliance on unpredictable external markets. The NPP government had previously launched the National AfCFTA Policy Framework and Action Plan, which helped local manufacturers break into regional markets, supported by initiatives like the One District, One Factory (1D1F) program. However, the Minority argues that under the current administration, AfCFTA has received inadequate attention and funding.

“This government has no specialized programs to support exporters, no measures to diversify markets, and no diplomatic effort to mitigate the fallout from these tariffs,” the statement continued.

In light of these concerns, the Minority has called for urgent action from the government, including:

• Immediate prioritization and funding of the AfCFTA Action Plan.

• Diplomatic engagement with the U.S. to clarify the tariffs and negotiate potential exemptions.

• Direct support for exporters through financing, training, and market intelligence.

• A clear, coordinated national export policy to reduce future vulnerability.

The Minority’s call to action comes as concerns grow that Ghana’s failure to address these issues could have long-term consequences for the country’s competitiveness on the global stage and its trade diversification goals.

“This is the time for bold policy choices and urgent action—not silence,” the Minority concluded. “Ghana cannot afford to lose ground both in Washington and in Accra.”

Sources: myjoyonline.com