License Requirements
Governance and Legal Requirements
- COMPANY / BUSINESS PARTICULARS
An applicant shall provide the following information;
- Name of company / business in full
- Other names used in the past
- Date of incorporation or registration
- Place of issue of certificate of incorporation or registration
- Reference no. of certificate
- Registered address
- Telephone contact
- Business or company’s e-mail address
- Directors’ or sole proprietor’s e-mail address & phone number
- A police report for a fit and proper test
- Disclosure of other business interests by the company / business, its directors and shareholders/proprietor
- Ghana Card of Sole Proprietor or Directors, Accounts Officer, Operations officer and Manager
NB: Applicants must attach a true certified copy of their certificate of incorporation or registration.
- Names and address of shareholders of company (This applies to limited liability company applicants)
An applicant shall provide the following information;
- Name
- Nationality (attach Ghana Card)
- Address (attach utility bill)
- Percentage of shares held
NB: Applicants must attach Form 3 and their Beneficial Ownership Profile from the Office of the Registrar of Companies.
Operational Requirements
Financial Requirements
- Working Capital – A minimum working capital requirement of GHS50,000 evidenced by bank statement.
- Trade Capital – A minimum trade capital requirement of GHS50,000 evidenced by financial statement and bank statement.
- Source of working capital/funds.
- Valid Tax clearance certificate
- Valid SSNIT Clearance Certificate
FEES AND CHARGES
| DESCRIPTION | AMOUNT |
|---|---|
| Application Fees | GHS1,000.00 |
| License Fee | GHS10,000.00 |
| Annual License Renewal Fee | GHS7,000.00 |
- An application for a license must be accompanied by an application processing fee;
- After final approval is granted, the applicant would be required to pay the license fee before the license will be issued; and
- A licensed aggregator is required to pay an annual license Renewal Fee.
- All the above stated fees are payable by cheque or payment order to the GOLDBOD.
Other Matters
- The GOLDBOD Technical Directorate may conduct interviews of shortlisted applicants.
- An applicant must pass a KYC and Due Diligence test by the Goldbod working in conjunction with the Bank of Ghana and Financial Intelligence Centre.
NB: All applicants for licenses from the Goldbod and off-takers of the Goldbod must pass a KYC and a due diligence test conducted by the Goldbod in conjunction with the Bank of Ghana and the Financial Intelligence Centre.
Terms and
Conditions
1. General Licensing Principles
1.1 Legal Basis
This Licence is granted by the Ghana Gold Board( “Goldbod”) pursuant to the Ghana Gold Board Act, 2025 (Act 1140) (“Act”) to authorise the Licensee to operate as a 1st Tier Gold Buyer in the gold trading sector within geographic areas within Ghana approved by the GoldBod, subject to the Act, regulations made under the Act, these conditions and all applicable GoldBod policies and directives.
1.2 License Scope
The license entitles the licensee to buy gold from miners with financing from the licensee for onward sale to a licensed Tier 2 buyer of the GoldBod.
1.3 Non-Transferability
This license is strictly non-transferable without prior written consent of the GoldBod.
2. Governance, Integrity, and Eligibility
2.1. Fit and Proper Criteria
All sole proprietors, partners , directors, managers, and shareholders (as applicable) shall, at all material times, satisfy the fit and proper requirements prescribed by the GoldBod.
For this purpose, each such person shall submit a valid police clearance certificate, disclose all existing business interests and affiliations, and declare any pending or concluded litigation to which they are or have been a party. Compliance with the fit and proper criteria shall be subject to periodic review and verification by the GoldBod.
2.2. Disclosure of Ownership
The Licensee shall maintain and, upon request, furnish to the GoldBod complete and accurate records of its legal and beneficial ownership structure. This shall include previously submitted documentation on beneficial owners of the Licensee.
The Licensee shall promptly notify the GoldBod in writing of any changes in its ownership, directorship, or key management personnel, and submit updated documentation as may be required by the GoldBod.
Working Capital
The Licensee shall, at all times during the term of the licence, maintain a minimum working capital of GHS 50,000.00 ) ( fifty thousand Ghana Cedis) as evidenced by a current and verifiable bank statement. The GoldBod may, at its discretion, require the Licensee to submit proof of compliance with this requirement at any time. Failure to maintain the prescribed working capital shall constitute a breach of the licence conditions and may result in suspension or revocation of the licence.
2.4 Trade Capital
The Licensee shall maintain secured trade capital in an amount not less than GHS 50,000.00 ) ( fifty thousand Ghana Cedis).This requirement may be satisfied through the Licensee’s own funds, supported by credible and verifiable bank documentation. The GoldBod may, at any time, require the Licensee to furnish evidence of such capital adequacy, and failure to do so may constitute grounds for regulatory action, including suspension or revocation of the licence.
2.5 Statutory Clearances
The Licensee shall, at all times, hold valid tax clearance and Social Security and National Insurance Trust (SSNIT) compliance certificates. The Licensee shall submit up-to-date copies of these certificates to the GoldBod upon request and as a condition for license renewal or continuation.
3. Reporting and Record keeping
3.1 Transaction Receipts
The Licensee shall record all gold purchase transactions using official receipts issued or prescribed by the GoldBod. Each receipt shall contain all mandatory information as specified by the GoldBod, including but not limited to the weight, assay results, transaction value, and identity of the seller.
A duplicate copy of each receipt shall be retained by the Licensee and preserved in a secure and retrievable manner for audit and inspection purposes. The Licensee shall ensure that receipts are sequentially numbered and properly archived in accordance with GoldBod guidelines.
3.2 Reporting Obligations
The Licensee shall prepare and submit to the GoldBod monthly transaction reports detailing all gold purchases, sales, assay results, and related activities conducted within the reporting period. Reports shall be submitted in the prescribed format and by the deadline specified by the GoldBod.
In addition, the Licensee shall maintain accurate, complete, and verifiable records of all transactions, which shall be readily accessible for inspection and audit by the GoldBod or any other competent regulatory authority. Such records shall be preserved for a minimum period of five (5) years or as otherwise directed by the GoldBod.
3.3 Location Approval
This Licence entitles the Licensee to operate only in geographical areas ( region, district and town) approved by the Goldbod.
This Licensee shall not operate in other geographical areas without the prior written approval of the Goldbod.
4. Regulatory and Legal Compliance
The Licensee shall be subject to ongoing Know Your Customer (KYC), Customer Due Diligence (CDD), and Enhanced Due Diligence (EDD) obligations in accordance with the Anti-Money Laundering Act, 2020 (Act 1044), the Anti-Terrorism Act, 2008 (Act 762), and all relevant directives issued by the Financial Intelligence Centre (FIC), the Bank of Ghana, and the GoldBod. For this purpose, the Licensee shall:
4.2 Establish and maintain robust internal control systems for identifying and verifying the identity of all its small-scale miners, sellers of gold, beneficial owners, and counterparties;
4.3 Perform risk profiling of all gold dealers and apply enhanced due diligence for high-risk categories, including politically exposed persons (PEPs), their associates, and close family members
4.4 Monitor transactions on an ongoing basis to detect unusual or suspicious activity, and maintain records of such monitoring for audit;
4.5 Submit Suspicious Transaction Reports (STRs) or Currency Transaction Reports (CTRs) to the FIC where required by law;
4.6 Maintain updated KYC documentation and make such records available to the GoldBod, FIC, or any other competent authority upon request.
4.7 Non-compliance with KYC and due diligence obligations shall constitute a material breach of the licence conditions and attract sanctions, including suspension or revocation of the licence.
4.8 Legal Obligations
The Licensee shall, at all times, conduct its operations in strict compliance with the laws of the Republic of Ghana, the Act and all regulations, directives, and guidelines issued by the GoldBod.
The Licensee shall adhere to the highest standards of ethical conduct, business integrity, and social responsibility in the execution of its activities. In particular, the Licensee shall ensure that its operations do not involve or support illegal mining, exploitation, corruption, or human rights abuses.
The Licensee shall also adopt environmentally responsible practices in line with applicable national environmental legislation and the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas. This includes proper waste management, use of non-toxic assay techniques, and obtaining all required permits from the Environmental Protection Agency (EPA).
Failure to comply with legal, ethical, or environmental obligations shall be deemed a serious breach of these license conditions and may attract administrative, civil, or criminal sanctions, including suspension or revocation of the license.
4.9 Prohibited Activities
The Licensee shall not, under any circumstance, use or permit the use of the licence for any illicit, fraudulent, or criminal purpose. This includes, but is not limited to, engaging in money laundering, financing of terrorism, smuggling, trade in conflict minerals, corruption, or any activity in contravention of Ghanaian law or international obligations to which the Republic of Ghana is a party.
Any such misuse of the license shall constitute a fundamental breach of the licensing conditions and shall render the license liable to immediate suspension or revocation by the GoldBod, without prejudice to any further civil, criminal, or administrative sanctions that may be imposed.
The GoldBod reserves the right to refer any such conduct to the appropriate law enforcement or regulatory authority for investigation and prosecution.
5. Inspection and Oversight
5.1 Premises Access
Authorized officers or representatives of the GoldBod shall have the right to enter and inspect any facility, office, or premises of the Licensee at any time, with or without prior notice, for the purpose of monitoring compliance with the terms and conditions of the license, verifying operational standards, or conducting investigations.
Such access shall include, but not be limited to, physical inspection of storage areas, security systems, assay and weighing equipment, and any location where licensed activities are carried out. The Licensee shall provide unhindered access to all areas, staff, and facilities as may be required during such inspections.
Obstruction, refusal, or interference with GoldBod officials in the lawful exercise of their inspection powers shall constitute a serious regulatory breach and may result in suspension or revocation of the licence, and/or referral for prosecution under applicable law.
5.2 Records Access
The Licensee shall, upon request by the GoldBod or any authorized regulatory authority, promptly make available all books, records, documents, contracts, receipts, reports, and any other information deemed necessary for the purposes of audit, monitoring, compliance verification, or investigation.
Such documentation shall be provided in the form and within the timeframe specified by the GoldBod, and shall be accurate, complete, and up to date. This obligation applies whether the records are maintained in physical or electronic form.
6. License Validity and Renewal
6.1. Duration
The license shall be valid for a period of twelve (12) calendar months commencing from the date of issuance, unless earlier suspended or revoked in accordance with the provisions of these licence conditions or applicable law.
6.2 Renewal Procedure
An application for renewal of the licence shall be submitted to the GoldBod not later than three (3) months after the date of expiry. The grant of renewal shall be conditional upon:
- 6.2.1 the Licensee’s full compliance with all applicable laws, regulations, and directives issued by the GoldBod during the preceding license period;
- 6.2.2 the timely submission of all required reports and records;;
- 6.2.3 the absence of any material breach or unresolved regulatory infraction; and
- 6.2.4 the full payment of applicable renewal and related fees.
6.3 An application for renewal submitted beyond the prescribed three-month window shall be treated as a new application.
7. Payment of Fees
The Licensee shall pay all applicable fees, including application, licensing, and renewal fees, in accordance with the fee schedule prescribed by the GoldBod. All such fees shall be non-refundable and shall be paid exclusively by cheque or official payment order made payable to the GoldBod.
8. Duty to Ensure Issuance of Receipt to Seller
The Licensee shall ensure that every individual or entity selling gold to the Licensee is issued, at the point of transaction, an official GoldBod-prescribed receipt containing all relevant transaction details. The Licensee shall further ensure that the seller is informed of their right and obligation to retain the receipt for their own records and for inspection by the GoldBod or any other competent authority.
Failure by the Licensee to issue such receipts or to communicate this obligation to the seller shall constitute a breach of the license conditions.
9. Pricing Obligation
The Licensee shall at all times purchase and/or sell gold strictly at the official price determined and published by the GoldBod on its website or through any other authorized communication channel. It shall be the duty of the Licensee to monitor and adhere to the prevailing GoldBod pricing schedule and ensure that all transactions are conducted in compliance therewith.
Any deviation from the prescribed pricing, whether by commission or omission, shall constitute a material breach of these license conditions.
10. Display of License
In the course of carrying out business, the Licensee shall produce a valid copy of their license when requested by a miner, Goldbod official or a licensee of the Goldbod.
11. Revocation and Sanctions
- 11.1.1 Fails to comply with any term or condition of the licence;
- 11.1.2 Submits falsified, misleading, or fraudulent documents or information;
- 11.1.3 Engages in conduct that poses a threat to public health, safety, the environment, or national security;
- 11.1.4 Ceases operations or remains inactive for a prolonged period without authorization;
- 11.1.5 Commits any act of financial impropriety or is declared insolvent;
- 11.1.6 Obstructs regulatory inspections, fails to submit reports, or otherwise breaches the lawful directives of the GoldBod.
12. General Provisions
12.1 Revision of the License terms
The GoldBod reserves the right to vary, amend, or revise these license conditions at any time, without prior notice to the Licensee. Such amendments shall become binding upon publication on the official GoldBod website or dissemination through any other authorized communication channel. The Licensee shall have a continuing duty to monitor such updates and ensure full compliance with all revised requirements.
12.2 Sanction for breach
A breach of any of the terms and conditions set out in this Licence, including the failure to maintain statutory clearances, provide accurate records, comply with operational, financial, or reporting obligations, or adhere to regulatory directives, shall attract appropriate administrative, civil, or criminal sanctions. Sanctions may include suspension, revocation, monetary penalties, or referral to the relevant enforcement authority, as determined by the GoldBod in accordance with applicable law.
