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Africa’s top gold producer is moving away from a system whereby local and foreign businesses with export permits can purchase and export gold from artisanal or small-scale mining.
In a decisive move, Ghana has ordered all foreigners to leave the local gold trading market by April 30 in a forceful effort to tighten control over its gold sector. The directive is part of a larger plan to formalize artisanal and small-scale gold mining (ASGM), reduce smuggling, and increase state income.
Monday’s announcement claims that under the revised system, the newly established gold board, known as GoldBod, is the only body allowed to purchase, sell, test, and export artisanal gold. Current licenses are now considered invalid.
Though they can apply “to buy or take-off gold directly from the GoldBod,” the statement stated, “foreigners have to exit the local gold trading market by April 30”.
In January, Finance Minister Cassiel Ato Forson said that the establishment of GoldBod will help to stabilise the national currency and allow Ghana to gain more from gold sales.
In 2024, Ghana’s gold exports increased by 53.2% to $11.64 billion, about $5 billion of which came from legitimate small-scale miners.
On Friday, gold prices shot beyond the $3,200/oz threshold for the first time. The continuing trade spat between the United States and China has unsettled world markets and pushed investors toward gold, often regarded as a hedge against political and economic uncertainty.
