GOLDBOD suspends new gold buying license applications in major regulatory overhaul
The Ghana Gold Board (GOLDBOD) has announced an immediate suspension of specific categories of gold buying license applications as part of a comprehensive reform effort aimed at strengthening Ghana’s gold trading sector.
According to GOLDBOD, this “strategic reform process” will temporarily halt new applications for Tier 1 and Tier 2 buying licenses, as well as the Self-Financing Aggregator License.
In a statement issued on Monday, February 16, the Board explained that the suspension, which takes effect immediately, will significantly narrows the pathway for new entrants into the gold buying market, emphasizing that during this reform period, the Aggregator License will remain the only gold trading licensing category open for new applications.
GOLDBOD however reassured that all existing applicants will not be affected by the new directive.
“GoldBod wishes to assure all stakeholders that applications already submitted prior to this announcement will continue to be processed,” the statement confirmed, adding that the Board will expedite the review of pending applications, provided all regulatory requirements are met, in order to prevent disrupting its operations.
“The Board will expedite the review and issuance of pending buying licensing applications, provided applicants meet all regulatory requirements and have fulfilled the necessary fee obligations,” the statement added.
The suspension forms part of what the GOLDBOD described as “broader measures to facilitate impending reforms to the national gold buying framework,” seeks to “enhance transparency, improve compliance, strengthen traceability, and ensure greater value retention within Ghana’s gold trading ecosystem.”
“GoldBod remains committed to working collaboratively with stakeholders across the gold value chain to build a robust, accountable, and internationally competitive gold trading regime that safeguards the national interest,” it noted.
The Board indicated that further details about the reform process and the revised licensing framework will be communicated in due course.
See Full Statement Below:
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