Ghana’s gold industry has entered a new phase of regulation as the Ghana Gold Board (GoldBod) officially began enforcing the mandatory use of GoldBod receipts for all transactions involving licensed buyers. The new directive, which took effect this month, is being described as a crucial step towards formalising the gold trade, reducing smuggling, and strengthening transparency in a sector that contributes significantly to the national economy.
According to GoldBod, all licensed aggregators, self-financed aggregators, as well as Tier 1 and Tier 2 buyers are now required to issue official GoldBod receipts for every purchase of gold. Any failure to comply with the directive may result in severe consequences, including suspension or revocation of licenses. The receipts serve as official documentation of the transaction and will help improve record-keeping, boost revenue tracking, and provide assurance to small-scale miners that their sales are properly documented.
GoldBod explained that the introduction of mandatory receipts will address long-standing challenges within Ghana’s gold trade. The country has been losing millions of dollars annually to gold smuggling and underreporting of sales. By making receipts compulsory, authorities hope to close loopholes, increase accountability and ensure that government earns its fair share of revenue from the mineral sector.
To ensure compliance, GoldBod has set up a special enforcement task force and deployed field inspectors nationwide. These officers are monitoring gold transactions in real time and carrying out inspections of receipt booklets issued to licensed buyers. In a public statement, the board urged all small-scale miners and traders to demand receipts whenever they sell their gold to prevent exploitation and ensure transparency.
“Licensed buyers are reminded that non-issuance of GoldBod receipts constitutes a serious offence and may attract severe sanctions, including suspension and/or revocation of their license,” the board stated.
For buyers who may not have receipt booklets, GoldBod directed them to contact its Licensing and Regulatory Unit for assistance. The agency also assured stakeholders that it is ready to provide guidance and support to make the transition smooth, while at the same time taking a firm stance against those who attempt to circumvent the system.
The move is in line with broader government reforms to sanitise Ghana’s mining industry, particularly the small-scale gold sector, which has often been associated with illegal mining practices, popularly known as “galamsey.” Illegal mining has caused significant revenue losses and environmental degradation, including water pollution and land destruction. By tightening control with mandatory receipts, the government is aiming to strike a balance between economic benefits and responsible mining practices.
Industry experts believe the receipts will not only improve transparency but also make it easier to audit gold transactions, detect irregularities, and curb illicit trade. For small-scale miners, who form a large part of the sector, the documentation will serve as a safeguard against exploitation by unscrupulous buyers and middlemen.
Ghana remains Africa’s leading gold producer, contributing heavily to the country’s foreign exchange earnings and government revenue. With gold prices on the international market remaining strong, ensuring that all sales are properly recorded is vital for sustaining the economy. The GoldBod directive is therefore expected to reinforce Ghana’s reputation as a responsible gold producer and increase investor confidence in the country’s mining sector.
The enforcement of receipts comes at a time when government is seeking new ways to strengthen fiscal discipline and diversify revenue streams. Experts say the success of this initiative will depend largely on strict enforcement, effective monitoring, and continued education of miners and buyers. If properly implemented, it could mark a turning point in Ghana’s fight against illegal mining and gold smuggling.
For now, the board has made it clear that it will not tolerate violations. By insisting on receipts for every gold transaction, Ghana is moving towards a more accountable and transparent mining sector, one that protects small-scale miners, secures government revenue, and strengthens the country’s economic foundation.
