Ghana has implemented a ban on all foreign nationals from trading in its local gold market as part of efforts to streamline its mining sector and boost national revenue. This follows a new law that grants the Ghana Gold Board (GoldBod) exclusive authority over gold mining. Foreigners must exit the market by April 30, 2025, and can no longer operate within the local gold value chain, though they can apply to buy gold directly from GoldBod. Local gold dealers’ licenses have been revoked but will have a grace period for transition.
Ghana, Africa’s largest gold producer, has faced challenges from illegal gold mining, known as “galamsey,” and environmental degradation. GoldBod will now be the sole entity to buy, sell, and export gold from the artisanal and small-scale mining (ASM) sector, and transactions will only be carried out in Ghanaian cedis, based on Bank of Ghana rates.
The government has allocated $279 million to GoldBod to purchase and export gold, aiming to boost foreign exchange and stabilize the local currency. However, concerns exist that the government may not be able to purchase all the gold, and there are fears it could affect the illegal mining market. The move is seen as a key step in controlling Ghana’s gold sector and fulfilling the government’s anti-galamsey promises.
