How To Acquire An Aggregator License Under The Gold Board Act

The passage of the Gold Board Act, 2025 (Act 1140) is a turning point in Ghana's gold trading and marketing space. The Gold Board Act, assented to on April 2, 2025, establishes the Ghana Gold Board (GoldBod) as the sole regulatory body with the mandate to oversee all aspects of the trading and marketing chain of gold in Ghana, from buying, selling and export of gold and other precious minerals, to promoting value addition.

The preamble to Act 1140, succinctly captures the rationale to the enactment of the legislation. An Act to establish the Ghana Gold Board to oversee, monitor, and undertake the buying, selling and export of gold and other precious minerals, promote value addition to the gold and other precious minerals of the country, support responsible mining and the accumulation of gold reserves by the Bank of Ghana, generate foreign exchange and provide for related matters.

Despite the preamble referred to above, Section 3(2) of Act 1140 vest Gold Board with the sole mandate to undertake the following:

1. Grade, assay, weigh and value gold produced in, brought into or exported from the country;
2. Purchase and sell gold produced by miners other than large-scale miners; and
3. Export gold produced by a mining company other than a large-scale mining company from the country.

Thus, the Gold Board Act repeals the previous regime that allow legal entities, including those whose shares were held by foreigners to engage in the trading and marketing of precious metals in Ghana, including gold dore bars.

The Act grants the GoldBod the authority to issue licenses, enforce regulations, monitor compliance, and impose sanctions on those who violate the law. Section 27 of Act 1140 establishes the categories of licenses liable for an application under the Act. The various licenses include the following;

1. An Aggregation Licence
2. A Buying Licence
3. An Export Partnership Licence
4. A Refining Licence
5. A Storage Licence
6. An Importation Licence
7. A Transshipment License
8. A Transportation License
9. A Smelting License
10. A Fabrication License

The categories of licenses that can be applied for effective immediately are as follows:

1. Aggregator License
2. Self-Financing Aggregator License
3. Buyer License (Tier 1)
4. Buyer License (Tier 2)

Thus, this article is intended to shed light on how a Ghanaian preferably 18 years and above or a fully owned Ghanaian company can acquire an aggregator license.

Acquisition of an Aggregator License

An aggregator license is a license required for the purchase, aggregation and supply of gold to the GoldBod with seed financing from the GoldBod. Applicants who want to acquire an aggregator license must meet specific requirements before such a license would be granted by the Gold Board.

License Requirements

1. Governance and Legal Requirements
   1. Company Particulars

Any person who wants to acquire this license must register their business with the Office of the Registrar of Companies at the Registrar General's Department and obtain company incorporation documents. The applicant shall in turn provide the following company particulars to the GoldBod;

• Name of company in full
• Other names used in the past
• Date of incorporation
• Place of issue of certificate of incorporation (reference no. of certificate, registered address, telephone contact, company's e-mail address)
• Director's e-mail address & phone numbers
• Litigation disclosures
• A police report for a fit and proper test
• Disclosure of other business interests by the company, its directors and shareholders
• Ghana card of Directors, Accounts Officer, Operations Officer and Manager

It should be noted that applicants must attach a true certified copy of their certificate of incorporation in addition to the above stated particulars. In addition, applicants must attach Form 3 and their Beneficial Ownership Profile from the Office of the Registrar of Companies.

2. Operational Requirements

An applicant shall have;

• A minimum of 3 offices across the country for aggregation purposes evidenced by a title of deed, lease or tenancy agreement.
• Business operating permit, EPA permit etc. for offices
• Adequate security of premises including alarm systems, fire extinguishers, vault, CCTV etc.
• Insurance cover for fire, burglary and fidelity.
• Adequate assay equipment i.e. Balances, XRF, other assay facility etc.
• List of licensed traders under the aggregator.
• Proposed aggregation regions and towns.
• Proof of experience in gold trading over the last 3 years preceding the date of application evidenced by trading records.
• A licensed bullion van or a transport contract with a licensed bullion van operating entity.

3. Financial Requirements

An applicant shall have;

• Working Capital – A minimum capital requirement of at least a cedi equivalent of Two Million United States Dollars evidenced by a bank statement.
• Disclosure of source of working capital/funds.
• Financial performance and records for the past 3 years in gold trading.
• Bank guarantee covering in full trade capital sought by applicant from the GoldBod or an Advanced Payment Guarantee & counter indemnity instrument from a recognized financial institution in accordance with the insurance policy of the GoldBod.
• Valid Tax clearance certificate
• Valid SSNIT Clearance Certificate

The fees and charges for an aggregator license is tabulated below;

It is instructive to note that an application for an aggregator license must be accompanied by an application processing fee. Once final approval is granted, the applicant would be required to pay the license fee before the license will be issued. Also, licensed aggregators are required to pay an annual license renewal fee as stated above. All the above stated fees are payable by cheque or payment order to the GoldBod.

Terms and Conditions Associated With an Aggregator License

1. Non-Transferability

Aggregator licenses are strictly non-transferable without prior written consent of the GoldBod.

2. Fit and Proper Criteria

All directors, officers, and shareholders of the licensee shall, at all material times, satisfy the fit and proper requirements prescribed by the GoldBod.

Persons involved 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.

3. Disclosure of Ownership

All licensees shall maintain and, upon request, furnish to the GoldBod complete and accurate records of their legal and beneficial ownership structure. This shall include previously submitted documentation on beneficial owners of the licensee.

It is mandatory for licensees to promptly notify the GoldBod in writing of any changes in their ownership, directorship, or key management personnel, and submit updated documentation as may be required by the GoldBod.

4. Transaction Receipts

A licensed aggregator is required to record all gold purchase transactions using official receipts as issued or prescribed by 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.

5. Reporting Obligations

Licensed aggregators 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.

6. AML & Due Diligence

Licensed aggregators 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

• Establish and maintain robust internal control systems for identifying and verifying the identity of all its gold dealers, beneficial owners, and counterparties;
• 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;
• Monitor transactions on an ongoing basis to detect unusual or suspicious activity, and maintain records of such monitoring for audit;
• Submit Suspicious Transaction Reports (STRs) or Currency Transaction Reports (CTRs) to the FIC where required by law;
• Maintain updated KYC documentation and make such records available to the GoldBod, FIC, or any other competent authority upon request.

Non-compliance with KYC and due diligence obligations shall constitute a material breach of the license conditions and attract sanctions, including suspension or revocation of the license.

7. Prohibited Activities

Licensed aggregators shall not, under any circumstance, use or permit the use of the license 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.

8. 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 license, and/or referral for prosecution under applicable law.

9. Records Access

Upon request by the GoldBod or any authorized regulatory authority, licensed aggregators shall 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.

10. Duration & Renewal Procedure

Aggregator license shall be valid for a period of twelve (12) months commencing from the date of issuance, unless earlier suspended or revoked in accordance with the provisions of these license conditions or applicable law.

An application for renewal of the license 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;

• the licensee's full compliance with all applicable laws, regulations, and directives issued by the GoldBod during the preceding license period;
• the timely submission of all required reports and records;
• the absence of any material breach or unresolved regulatory infraction; and
• the full payment of applicable renewal and related fees.

An application for renewal submitted beyond the prescribed three-month window shall be treated as a new application.

11. Pricing Obligation

Licensed aggregators 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.

12. Display of License

The licensee shall prominently display a valid copy of its license at all operational premises, in a location that is clearly visible to GoldBod officials, miners, and other relevant stakeholders. Upon request by any authorised officer of the GoldBod or other competent authority, the licensee shall promptly produce the original license for verification.

13. Grounds for Revocation

The GoldBod reserves the right to suspend or revoke the license where the licensee:

• Fails to comply with any term or condition of the license;
• Submits falsified, misleading, or fraudulent documents or information;
• Engages in conduct that poses a threat to public health, safety, the environment, or national security;
• Ceases operations or remains inactive for a prolonged period without authorization;
• Commits any act of financial impropriety or is declared insolvent;
• Obstructs regulatory inspections, fails to submit reports, or otherwise breaches the lawful directives of the GoldBod.

14. 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.

15. Sanction for Breach

A breach of any of the terms and conditions set out, 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.

Conclusion

Aggregator licenses are granted by the Ghana Gold Board (GoldBod) in line with the Ghana Gold Board Act, 2025 (Act 1140). Applicants authorised to operate as Aggregators in the gold trading and marketing sector within areas approved by the GoldBod, are to comply with the regulations made under Act 1140, and all the conditions and all applicable GoldBod policies and directives.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.