Ghana shuts out foreigners from local gold market in sector overhaul

Ghana has ordered all foreign nationals involved in its local gold trading market to cease operations by the end of April, as part of sweeping reforms aimed at tightening oversight of the sector and boosting state revenues.

The directive, issued by a newly formed government agency called GoldBod, marks a significant shift in how Africa’s top gold producer manages its artisanal and small-scale mining industry, Caliber.Az reports via foreign media.

The move is designed to reduce smuggling, increase transparency, and centralise gold purchases under a single authority.

Previously, both local and foreign companies holding export licences were permitted to buy gold from small-scale miners and export it. However, under the new framework, GoldBod will be the sole entity authorised to purchase, sell, assay, and export gold from artisanal sources.

The agency stated that all existing licences have been rendered void under the new system. Foreign entities wishing to continue trading will be required to exit the local market by April 30 and may thereafter apply to purchase or lift gold directly from GoldBod.

By Aghakazim Guliyev