Ghana Gold Board suspends license of Evanex Gold Enterprise over illegal pricing

The Ghana Gold Board (GoldBod) has suspended the license of Evanex Gold Enterprise, a licensed Tier 2 gold buyer, following findings of illegal gold pricing activities. The suspension, announced in a compliance notice issued on Thursday, August 28, 2025, takes immediate effect.

According to GoldBod, the decision was based on the outcome of an adverse investigative report, which revealed that Evanex Gold Enterprise was involved in practices that violated the terms and conditions of its license. The compliance notice stressed that the company’s actions were contrary to the regulations governing licensed gold buyers in Ghana.

“This action follows an adverse investigative finding of illegal gold pricing made against the company by the GoldBod, contrary to the terms and conditions of the license of the company,” the notice stated.

GoldBod has directed all licensed traders, miners, and the general public to desist from conducting any gold-related transactions with Evanex Gold Enterprise. The Board also cautioned against engaging the company in any form of trading activity until further notice.

The notice reaffirmed GoldBod’s commitment to upholding transparency and accountability in Ghana’s gold trading sector. It further assured stakeholders of the Board’s dedication to enforcing laws and regulations governing the industry to maintain a fair and competitive market.

“GoldBod remains committed to enforcing the laws and regulations that govern the gold trading sector in the spirit of accountability and transparency,” the statement added.

The Ghana Gold Board (GoldBod) is the regulatory body mandated to oversee and supervise gold trading activities in Ghana. Its core responsibility includes licensing gold buyers, monitoring compliance with trading regulations, and ensuring the integrity of the gold market. Established to streamline the gold trade and curb illegal practices, GoldBod works closely with stakeholders, including miners, traders, and exporters, to maintain transparency and fairness within the sector.

The suspension of Evanex Gold Enterprise forms part of the Board’s broader strategy to clamp down on malpractices that threaten the credibility and stability of Ghana’s gold industry.