Gold Board (GoldBod) Ghana has announced the suspension of the licence of a Tier 2 licensed gold buying company in Tarkwa over breach of several gold laws.

In a statement dated Wednesday, September 16, the governing body overseeing all gold trading and export activities in Ghana informed the public that the company’s license has been suspended and all its shops closed.

“The Ghana Gold Board (“GoldBod”) wishes to inform the general public that it has suspended the license and closed all trading shops of NK Benak Enterprise, a licensed gold buyer (Tier 2), with immediate effect,” the statement stated.

The suspension comes on the heels of the company’s breach of several gold trading laws, leading to the arrest of its CEO, who is currently facing prosecution.

“This action has been taken on grounds of NK Benak Enterprise’s complicity in several gold-related offences, which have led to the arrest of the sole proprietor, Bernard Nkrumah, and his prosecution before the High Court,” GoldBod added.

Consequently, Bernak has lost the right to trade with all other licensed gold trading companies. GoldBod emphasised in the statement, highlighting the commitment to ensuring the appropriate enforcement of all gold trading laws to ensure transparency.

“Notice is hereby given to all licensed traders, miners, and the general public to desist from trading and/or engaging in any form of gold transaction with NK Benak Enterprise forthwith. GoldBod remains committed to enforcing the laws and regulations that govern the gold trading sector in the spirit of accountability and transparency,” it added.

This is not the first gold trading company that has been suspended by GoldBod over breach of trading laws. In late August, GoldBod announced it had suspended the license of Evanex Gold Enterprise, a licensed gold buyer (Tier 2), with immediate effect. They took this action following an adverse investigative finding of illegal gold pricing made against the company, contrary to the terms and conditions of the license of the company.

The GoldBod has thereby cautioned licensed traders, miners, and the general public against trading or engaging in any form of gold transaction with Evanex Gold Enterprise forthwith.

"GoldBod remains committed to enforcing the laws and regulations that govern the gold trading sector in the spirit of accountability and transparency," a statement issued by GoldBod read.

Miners operating under a valid mining license have been offered a special temporary bonus scheme from the Ghana Gold Board (GoldBod) in efforts to support the industry as well as combat gold smuggling. The licensed miners will enjoy an additional GH¢832 per pound of gold sold through the Ghana Gold Board.

“This novelty is in response to legitimate complaints from licensed miners about the significant reduction in the local price of gold in the last few months due to the continuous appreciation of the Ghana cedi.

“The special bonus will ensure that licensed miners who have contributed immensely to the country’s increased gold output and foreign exchange earnings do not indirectly suffer as a result of the significant appreciation of the Ghana cedi that they have helped the country achieve,” it added. This information was contained in a statement issued by the GoldBod on Wednesday, August 27.

On July 7, a task force was inaugurated with a special mandate with specific powers as police officers to wage war against smuggling and all forms of illegal gold trading activities in the country.

According to the Chief Executive Officer (CEO) of Goldbod, Sammy Gyamfi, this will save the government from any leakages in revenue mobilisation in the sector, helping to generate and invest revenue for economic development.

“(This will) help the state combat and defeat the phenomenon of gold smuggling, the canker of illegal gold trading, and price disruptions that deprive the state of the needed revenue, profit, and the needed forex for our economy and the development of our country.

He thus cautioned traders to secure the appropriate licence to engage in any form of gold trading in the country, saying, “But for those who are hell bent on trading illegally without the licenses, we are serving notice that we are coming after you,” he announced.

Earlier, the GoldBod CEO on June 5 also warned that persons who trade without licenses would be prosecuted, adding that his outfit takes no bribes before the said licenses are issued. During a meeting with the Chamber of Licensed Gold Buyers, Mr Gyamfi stated that "I don’t take or demand bribes before I issue a licence."

The acting CEO noted that the process for registering has been made seamless and is devoid of corruption. "We have removed the human interface element, and so there is no corruption, bribery, inducements, or favouritism. It is a very transparent and competitive process, and once you qualify, you get the license," he added.

Lauding his outfit’s results-oriented reforms and initiatives since his takeover as CEO, Sammy Gyamfi, during a media engagement, revealed that GoldBod has exceeded the $5 billion mark in gold export value for the first half of 2025, surpassing the $4.6 billion recorded for the entire year of 2024.

He expressed optimism that GoldBod would hit the 60-tonne export mark by the end of July 2025, driven by stronger compliance, improved oversight, and the streamlined licensing regime under the Ghana Gold Board Act, 2025 (Act 1140).

“In the whole of 2024, gold exports stood at 66 tons with an export value of $4.6 billion. We have done only six months, and yet we have crossed the $4.6 billion. We have gone beyond $5 billion, and in terms of volumes, we have done 50 tons and over, and we are optimistic that by the end of next month, we will have hit 60 tons,” he said.

The Ghana Gold Board (GoldBod) is the sole authority with exclusive right to buy, sell, weigh, grade, assay, value, and export gold and other precious minerals in Ghana. The Ghana Gold Board functions under the oversight and supervision of the Ministry of Finance of the Republic of Ghana.

History of GoldBod

The Ghana Gold Board (GoldBod) is a body corporate established by an Act of Parliament (ACT 1140) in the year 2025 to oversee, regulate and undertake the buying, selling, assaying, refining, exporting and other related activities in respect of Gold and other Precious Minerals in Ghana.

The GoldBod per section 78 of ACT 1140, took over the rights, obligations, assets, liabilities and workforce of the Precious Minerals Marketing Company (PMMC) Limited, which is an offshoot of the Ghana Diamond Marketing Board.

In 1963, the Ghana Diamond Marketing Board was established and charged with the responsibility of purchasing and marketing Ghana’s diamonds.

In 1965, by a Legislative Instrument (LI) 401, the Ghana Diamond Marketing Board was incorporated as a State-Owned Enterprise (SOE).

Upon the promulgation of the diamonds decree (NRCD 32) in 1972, LI 916 was enacted to change the company’s name to Diamond Marketing Corporation.

In 1989, PNDC Law 219 was enacted to yet again change the Company’s name to the Precious Minerals Marketing Corporation with enhanced functions to grade, assay, value gold, diamonds and other precious minerals of the country.

In the year 2000, the Corporation was converted by the Statutory Corporations Conversion to Companies Act (ACT 461) to a Limited Liability Company to operate under the Ghana Companies Code Act (ACT 179) 1963, as Precious Minerals Marketing Company (PMMC) Limited with the same functions.

In the year 2016, the PMMC was appointed the national assayer by the government of Ghana.

To strengthen industry regulation and optimise national benefits, the Ghana GoldBod was established on 2 April 2025 by the government of Ghana to restructure and streamline the precious mineral trading sector of Ghana.

The GoldBod initiative is a product of extensive stakeholder consultations and aims at maximising foreign exchange inflows, gold reserve accumulation and value addition for sustainable growth and transformation.