Ghana Moves To Regulate Gold Market, Orders Exit Of Foreign Traders By April 30.
In a significant move to reform its local gold market, Ghana has ordered all foreign nationals currently trading in the country’s artisanal and small-scale gold sector to exit by 30th April 2025. The directive is part of the enforcement of the newly enacted Ghana Gold Board Act (Act 1140), which officially came into effect following its passage by Parliament on 29th March and the subsequent assent by President John Dramani Mahama on 2nd April.
“All foreigners are hereby notified to exit the local gold trading market not later than 30th April 2025,” read a statement released by the Public Relations Officer, Prince Kwame Minkah.
The move forms part of Ghana’s broader strategy to enhance transparency in its gold value chain, boost national revenue, and combat gold smuggling. The government aims to streamline the gold trade and ensure that artisanal and small-scale miners are better integrated into the formal economy.
As part of the reforms, the newly established Ghana Gold Board (GoldBod) will assume full control over the artisanal and small-scale gold trade. In a separate statement issued on 14th April, GoldBod confirmed that all previously issued licences by the Precious Minerals Marketing Company (PMMC) and the Minister responsible for Mines — except those held by large-scale mining companies — have now been rendered invalid.
Under the new regulatory framework, GoldBod will be solely responsible for the purchase, sale, assaying, and export of gold produced by small-scale miners. However, foreign companies and individuals who wish to continue engaging in the sector may apply for authorisation to buy gold directly from GoldBod.
The creation of GoldBod is expected to enable Ghana to capture greater value from its gold exports, while also contributing to the stabilisation of the national currency. These reforms are particularly timely, given the recent surge in global gold prices, which passed the $3,200-per-ounce mark for the first time last week amid rising global tensions and a shift towards safe-haven investments.
Ghana’s gold exports recorded a dramatic increase in 2024, rising by 53.2% to $11.64 billion. Of this figure, nearly $5 billion came from legal small-scale mining activities — a clear indication of the sector’s potential impact on the national economy.
By formalising artisanal gold trading and strengthening state oversight, Ghana is setting a precedent in resource governance across the continent while paving the way for sustainable growth and economic resilience.
