GoldBod Rejects PMMC Rebranding Claims

The Ghana Gold Board (GoldBod) has dismissed suggestions that it is merely a rebranded version of the defunct Precious Minerals Marketing Company (PMMC), describing such claims as misleading and inaccurate.
The clarification comes amid ongoing public debate following government reforms introduced in April 2025 to restructure regulation of Ghana’s artisanal and small-scale mining (ASM) gold trade. As part of the overhaul, GoldBod announced that all gold trading licences previously issued by PMMC or the Minister for Mines—except those held by large-scale mining companies—had ceased to be valid.
GoldBod explained that its establishment represents a fundamental institutional transformation, not a simple change of name. The board cited the Ghana Gold Board Act, 2025 (Act 1140), passed by Parliament on March 29 and assented to by the President on April 2, 2025, as the legal foundation for its operations.
According to GoldBod, the former PMMC functioned as a company limited by shares, with its primary objective being profit for its shareholder. It neither exercised regulatory authority nor held exclusive rights over ASM gold purchases. In contrast, GoldBod is a strategic public corporation mandated to generate foreign exchange for Ghana and support gold reserve accumulation by the Bank of Ghana. It has exclusive rights to purchase all ASM gold through licensed traders.
The board further highlighted its extensive regulatory and enforcement powers, which PMMC never possessed. These include the operation of a standing task force to combat gold smuggling and illegal trading. GoldBod also has authority to purchase part or all of the output of large-scale mining firms through government’s pre-emption rights.
In a set of frequently asked questions issued on Monday, January 5, GoldBod stressed that its scope of mandate, powers, and functions far exceeds that of the defunct PMMC. It reiterated that claims of a simple rebranding are unfounded and do not reflect the reality of Ghana’s new gold regulatory framework.
Officials say the reforms are designed to strengthen oversight of the gold sector, ensure transparency, and maximise benefits from ASM operations for the national economy.