Ghana banned all foreigners to trade in their local gold market as part of the effort to strengthen national revenue and simplify the mining sector in the country.
This is followed by the adoption of a new law earlier this month, which assigns an exclusive body of the gold excavation of the new state body, Gald Gold Board (Goldbod).
“All foreigners have been informed of the local gold trading market no later than April 30, 2025,” said Goldbod spokesman Prince Kwame Minkah in a statement.
Ghana is the largest African gold manufacturer and the sixth largest in the world, but fights to deal with the wide illegal mining of gold, locally called “Galamsey”.
Western Africa rich in minerals is facing difficult economic times with high costs. It is the second largest cocoa manufacturer, but there is little chocolate profit.
Encouraged by the growing prices of gold and the unemployment of young people, in Ghana, an illegal mining of gold grew, despite military operations to extinguish galamsey activities. It was a big issue of campaign in leadership until the December election.
Chinese nationals were active in the informal mining of Ghana, and together with the Ganski nationals, they were repeatedly accused of ignoring environmental care.
According to the new law, which Parliament passed last month and was organized by President John Mahama on April 2, Goldbod is the only buyer, salesman and exporter of all gold produced by the Crafts and Small Mining (ASM) sector.
However, strangers are allowed to report to the purchase or departure of gold directly from Goldbod, but they can no longer work in a local gold value chain.
Local distributors have also been seized, but given the period with shares that will allow a smooth transition before the directive enters into force next month.
During this period, golden transactions would be carried out only in Gani Cedis, a local currency, and prices based on the Ghana Bank rate.
Goldbod warned that “he would be a punishable offense for a person to buy or deal with gold in the country without a permit issued by the new committee.
The government awarded $ 279 million (£ 212) to the new body for buying and exporting at least three tons of gold a week.
The move is intended to increase the inflows of foreign exchange and stabilization of local currency, said Finance Minister Cassel Ato Forson.
But Kwaku Effah Asuahene, President of the Chamber of Merchants on Gan’s veins, is afraid that the Government may not be able to raise enough revenue to buy all gold.
Said the BBC that, although they support the initiative, they would rather be allowed to partner with foreign investors to buy gold and export it via Goldbod.
Although Goldbod was not created to particularly deal with illegal mining, the new directive could also make it difficult for illegal miners to sell gold in the country.
Ghana dealt with severe environmental pollution caused by the activities of illegal miners, and over 60% of water bodies in the country were affected.
The ban is considered to be the first concrete step by the new CEO of CEO to tighten the regulation and control of the gold sector and fulfilled its promises against the campaign against Galamsey.
“She sends a strong message to foreign actors – especially Chinese operatives – who have been bypassed local laws for years,” said Nana Asante Krobe, a mining management adviser, AFP to the news agency.
He said that if it was properly applied, the new law could strengthen the Government’s income and “bring a warrant to chaos in the gold sector.”
The export of gold in Ghana increased by 53.2% to $ 11.64 billion last year – nearly $ 5 billion, of which there were small small -scale mineral miners.
The prices of gold last week hit up to $ 3,200 per ounce due to trade tension between the US -Ai China, forcing investors to seek refuge in goods for insecurity.