All previously issued licenses for gold trading by the defunct Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources have been rendered void under the new Ghana GoldBod Act, according to Sammy Gyamfi, CEO of Ghana GoldBod.
Speaking at a press conference in Accra on Monday, June 30, Mr Gyamfi stated that effective immediately, anyone trading gold without a GoldBod-issued license is operating illegally.
He explained that “all the previous licenses that previous gold traders involved in gold trading had from the defunct PMMC and the Ministry of Lands and Natural Resources have all been revoked by the Ghana Gold Bod Act.”
“We will no longer continue to respect those licenses. Whereas we allow various stakeholders to buy gold, to trade gold, with other previous PMMC licenses or licenses to deal in gold issued by the Minister responsible for mines, the same is not the case as we speak today, that legal regime has come to an end,” he said.
He stressed that ignorance of the new regulation would not be accepted as an excuse, saying, “Even though we know that ignorance of the law is no excuse, we want to, for the last time, use your esteem platform to communicate to all our stakeholders across the country that they should do the needful.”
Clarifying public concerns about the June 30 deadline, he explained, “We are not saying that you cannot apply for GoldBod license today simply because the deadline has elapsed, that is not the meaning of the deadline.”
“Anybody who wants to trade in gold can apply for a GoldBod license at any time of their choice. Once you apply, we will consider your application in a spirit of fairness and transparency, and we will make sure that once you meet the eligibility criteria, you are given your license,” he added.
He concluded, “What the deadline means is that if you do not have a GoldBod license as we speak today, you cannot legally buy or trade in gold in Ghana. All you have to do is wait, apply for the license, and be issued with the license before you engage in gold trading.”
