Ghana Orders Foreigners to Exit Local Gold Trade by April 30
Ghana has ordered all foreign nationals to exit its local gold trading market by April 30, as part of a broader effort to streamline gold purchases from small-scale miners, boost national earnings, and curb smuggling.
Africa’s top gold producer is moving away from a system where both local and foreign companies with export licenses could purchase and export gold from artisanal and small-scale miners.
Under the new framework, only the newly established Ghana Gold Market Authority—known as GoldBod—will be authorized to buy, sell, assay, and export artisanal gold.
According to a statement issued on Monday, all previously issued gold export licenses are now invalid. Foreign traders must exit the domestic gold trading space by the end of the month, although they may apply to purchase or export gold directly through GoldBod.
Finance Minister Cassiel Ato Forson previously stated that the creation of GoldBod would help Ghana derive greater benefits from gold sales while supporting the stability of the national currency.
Ghana’s gold exports surged by 53.2% in 2024 to $11.64 billion, with nearly $5 billion attributed to legal small-scale mining. The new measures aim to bring more of this production under official oversight.
Meanwhile, global gold prices climbed above $3,200 per ounce on Friday, spurred by ongoing geopolitical tensions, including the U.S.-China trade conflict, which has driven investors toward gold as a traditional safe-haven asset.
