Ghana has ordered all foreign entities to exit its gold trading market by April 30, as the country implements a new framework aimed at boosting national earnings, curbing smuggling, and streamlining gold purchases from small-scale miners.
The West African nation, which holds the title of Africa's leading gold producer, is moving away from a system that allowed both local and foreign companies with export licenses to buy and export gold mined by artisanal and small-scale operators.
According to a government statement, a newly established entity known as the GoldBod is now the sole body authorized to buy, sell, assay, and export artisanal gold. All previously issued licenses to private operators, including foreign firms, are no longer valid under the new system.
Foreign companies currently involved in the local gold trading market must exit by the end of April. However, they may apply for authorization to purchase or export gold directly through the GoldBod.
Finance Minister, Cassiel Ato Forson previously stated that the creation of GoldBod would enable Ghana to extract more value from its gold resources while contributing to the stability of the national currency.
In 2024, Ghana’s gold exports surged by 53.2% to $11.64 billion, with nearly $5 billion derived from legal small-scale mining operations.