Ghana has ordered foreigners to exit its gold trading market by the end of the month, a new government body said on Monday, as the West African country looks to streamline gold purchases from small-scale miners, increase earnings and reduce smuggling.
Africa’s leading gold producer is shifting away from a system in which local and foreign companies with export licenses can buy and export gold from artisanal or small-scale mining.
Under the new system, the newly created gold board known as GoldBod is the only entity allowed to buy, sell, assay and export artisanal gold, Monday’s statement said, and older licenses have ceased to be valid.
Foreigners must leave the local gold trading market by April 30 although they can apply “to buy or take-off gold directly from the GoldBod,” the statement said.
Finance minister Cassiel Ato Forson said in January that the creation of GoldBod would allow Ghana to benefit more from gold sales while maintaining the national currency’s stability.
Ghana’s gold exports grew by 53.2% in 2024 to $11.64 billion, of which nearly $5 billion was from legal small-scale miners.
Gold prices vaulted on Friday over the $3,200-per ounce mark for the first time.
The trade war between the United States and China has rattled global markets and driven investors into gold, which is traditionally viewed as a hedge against geopolitical and economic uncertainty.
(By Christian Akorlie and Anait Miridzhanian; Editing by Robbie Corey-Boulet and Tomasz Janowski)
