GoldBod suspends Dominic Bonsu Ventures licence over regulatory breaches
The Ghana Gold Board, GoldBod, has suspended the licence of Dominic Bonsu Ventures with immediate effect over what it describes as regulatory breaches. GoldBod CEO, Sammy Gyamfi, announced the decision as part of an ongoing crackdown on illegal and non-compliant activities in the gold trading sector.
According to GoldBod, the suspension follows an audit and monitoring exercise that uncovered violations of trading, reporting, and sourcing requirements set out under the new gold trading regulations. The Board said the action is meant to sanitize the sector, ensure transparency, and protect Ghana’s gold revenue.
Dominic Bonsu Ventures is one of several licensed gold trading firms operating in the country. GoldBod noted that all suspended entities will be allowed to respond and remedy the breaches, but will not be allowed to trade until they are cleared. The Board emphasized that no trader, regardless of size or political connection, will be spared if found culpable.
The move comes amid the government’s broader efforts to formalize gold trading and increase foreign exchange inflows through the Gold-for-Oil and Gold-for-Reserves programs. GoldBod was established to regulate, purchase, and market gold produced by small-scale miners, and to curb smuggling and under-declaration.
Industry players have welcomed the crackdown but are calling for clearer guidelines and faster dispute resolution to avoid disrupting legitimate businesses. Small-scale miners have also urged GoldBod to ensure that licensed buyers do not use regulatory actions as a cover to exploit miners on pricing.
GoldBod says more enforcement actions are coming and has warned traders to comply fully with licensing, documentation, and due diligence rules. The Board is also working with National Security and the Minerals Commission to track and prosecute illegal gold dealers.
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