Ghana has ordered all foreign nationals currently trading in the country’s local gold market to exit its gold trading market by exit by April 30.
- Ghana orders foreign nationals to exit the local gold trading market by April 30, 2025.
- Enforcement of the new Ghana Gold Board Act aims to reform gold sourcing, boost revenue, and curb smuggling.
- Ghana’s gold exports surged by 53.2% in 2024, reaching $11.64 billion, with a significant portion attributed to legal small-scale mining operations.
Ghana has ordered all foreign nationals currently trading in the country’s local gold market to exit its gold trading market by exit by April 30.
The directive is part of the enforcement of the newly enacted Ghana Gold Board Act (Act 1140), 2025, which took effect following its passage by Parliament on March 29 and subsequent assent by President John Dramani Mahama on April 2.
“All foreigners are hereby notified to exit the local gold trading market not later than 30th April, 2025,” the statement by the Public Relations Officer, Prince Kwame Minkah read.
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The move is part of the country’s broader effort to reform how it sources gold from small-scale miners, boost revenue, and curb smuggling, according to Reuters.
GoldBod takes control of artisanal gold trade
In a statement released on April 14, GoldBod clarified that all previously issued licenses by the Precious Minerals Marketing Company (PMMC) and the Minister responsible for Mines, except those held by large-scale mining companies, are now invalid.
Under the new regulatory framework, GoldBod will be authorized to purchase, sell, assay, and export gold from artisanal and small-scale miners.
For the foreign entities directed to exit the local gold trading market, the statement noted that they will still be allowed to apply for authorization to purchase gold directly from GoldBod.
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The creation of GoldBod is expected to enable Ghana to capture greater value from gold sales and help stabilize the national currency.
In 2024, Ghana’s gold exports surged by 53.2% to reach $11.64 billion, with nearly $5 billion attributed to legal small-scale mining operations.
Gold prices soared past the $3,200-per-ounce mark for the first time on Friday, as mounting tensions from the U.S.-China trade war rattled global markets and sent investors flocking to safe-haven assets.
