GoldBod License Suspension Over Illegal Gold Pricing- Evanex Gold Enterprise

The GoldBod license suspension for Evanex Gold Enterprise, a Tier 2 licensed gold buyer, took effect immediately. This action, in fact, follows an adverse investigative finding. It concluded that the company was engaged in illegal gold pricing. This, therefore, directly violated its license terms and conditions. The suspension sends a strong message. GoldBod will not tolerate any misconduct. This is a crucial step towards market integrity.

In a compliance notice signed by its Compliance Directorate, GoldBod directed all licensed traders, miners, and the general public. They must, in short, stop all gold transactions with Evanex Gold Enterprise. “Notice is hereby given to all licenced traders, miners, and the public to desist from trading and/or engaging in any form of gold transaction with Evanex Gold Enterprise forthwith,” the statement read. GoldBod has a mandate to enforce the laws. It also regulates the gold sector in Ghana.

GoldBod emphasized its commitment to enforcement. It wants to enforce the laws and regulations governing Ghana’s gold trading sector. Accountability and transparency remain central to its oversight role. Therefore, this GoldBod license suspension is part of an ongoing effort. The effort aims to curb malpractice within the industry. It also ensures that all licensed entities comply with regulatory standards. A Tier 2 license, in addition, allows a company to buy gold from a miner or Tier 1 buyer. They then sell it to an aggregator.

The GoldBod license suspension is significant. It shows a commitment to the newly passed Ghana Gold Board Act of 2025. This act gives GoldBod broad powers. These powers include issuing, suspending, and revoking licenses. It also allows GoldBod to investigate. This move signals a new era for gold trading in Ghana. It confirms the government’s resolve to sanitize the sector. The government wants to maximize foreign exchange returns and boost reserves.

The government passed the Gold Board Act of 2025. Its objective is to streamline the gold market. It wants to promote value addition. Furthermore, it wants to enhance compliance and transparency. This suspension directly supports those goals. It demonstrates that the new regulations carry real consequences. It also shows a clear effort to formalize the small-scale gold mining sector.

Source: William Narh for CitiNewsroom, August 28, 2025