By Enyichukwu Enemanna
Ghana has placed a ban on all foreigners from trading in its local gold market with effect from 30 April 2025, aiming to shore up revenue and streamline the country’s mining sector.
“All foreigners are hereby notified to exit the local gold trading market not later than 30th April 2025,” spokesperson of a new state body, the Ghana Gold Board (GoldBod), Prince Kwame Minkah, said in a statement.
The West African state had earlier this month enacted legislation that grants exclusive authority over gold mining to GoldBod.
Under the new law passed by parliament last month and assented to by President John Mahama on 2 April, GoldBod is the sole buyer, seller, and exporter of all gold produced by the artisanal and small-scale mining (ASM) sector.
However, foreigners are allowed to apply to buy or off-take gold directly from GoldBod but can no longer operate within the local gold value chain.
Despite being Africa’s largest gold producer and the sixth largest in the world, Ghana has struggled to address widespread illegal gold mining, known locally as “galamsey”.
According to Finance Minister Cassel Ato Forson, the policy banning foreigners from the gold market seeks to help boost foreign exchange inflows and stabilise the local currency.
GoldBod warned that it shall constitute a punishable offence for any person to purchase or deal in gold in the country without a licence issued by the new board.
The government has allocated $279 million (£212 million) to the new body to purchase and export at least three tonnes of gold per week.
It has faced harsh economic times, with a high cost of living. Ghana is also the world’s second-largest cocoa producer but sees little of the profits from chocolate.
The ban is seen as the first concrete step by the new administration of President John Mahama to tighten regulation and control of the gold sector and deliver on its anti-galamsey campaign promises.
