Ghana Orders Foreigners to Leave Gold Market by April 30
Ghana has mandated that all foreign entities exit the country’s gold trading market by April 30, 2025, as part of a new regulatory framework aimed at increasing national revenue, reducing smuggling, and streamlining gold purchases from small-scale miners.
As Africa’s largest gold producer, Ghana is shifting away from a system that previously allowed both local and foreign companies with export licenses to buy and export gold from artisanal and small-scale miners.
Under the new regulations, a newly established agency, GoldBod, has been designated as the sole entity authorized to purchase, sell, assay, and export artisanal gold. This move renders all existing licenses for private operators, including foreign companies, invalid.
Foreign companies currently engaged in Ghana’s gold market are required to withdraw by the end of April but may apply for authorization to purchase or export gold directly through GoldBod.
Finance Minister Cassiel Ato Forson explained that the creation of GoldBod aims to maximize Ghana’s gold resources, enhance the value derived from the industry, and contribute to the stability of the national currency.
In 2024, Ghana saw a 53.2% increase in gold exports, reaching $11.64 billion, with nearly $5 billion coming from legal small-scale mining operations.
Ghana Orders Foreigners to Leave Gold Market by April 30
