Ghana has instructed foreign nationals to leave its gold trading market by April 30, as the West African nation aims to streamline gold purchases from small-scale miners, enhance its earnings, and curb smuggling. The new directive was announced by a newly established government body on Monday.
As Africa’s leading gold producer, Ghana is shifting away from a system that allowed both local and foreign companies with export licenses to buy and export gold from artisanal or small-scale mining. Under the new regulations, the newly formed GoldBod, a government agency, will be the sole entity authorized to buy, sell, assay, and export artisanal gold. The statement issued on Monday clarified that previous export licenses are no longer valid.
Foreigners will be required to vacate the local gold trading market by the end of April. However, they will still have the option to apply to purchase or export gold directly through GoldBod.
Finance Minister Cassiel Ato Forson emphasized in January that the establishment of GoldBod would enable Ghana to retain more revenue from gold sales while ensuring the stability of the national currency.
Ghana’s gold exports surged by 53.2% in 2024, reaching $11.64 billion, with nearly $5 billion generated from legal small-scale mining operations.
Gold prices recently soared above the $3,200-per-ounce mark for the first time, driven in part by the ongoing trade tensions between the United States and China. These geopolitical uncertainties have led investors to turn to gold as a safe-haven asset.