Ghana has ordered all foreign actors to withdraw from its artisanal gold trading market by the end of April, marking a bold restructuring of its lucrative gold sector aimed at tightening oversight, boosting revenue, and combating widespread smuggling.
In a statement released Monday, a newly established government agency known as the Gold Board—or GoldBod—announced it will now serve as the sole legal authority for buying, selling, assaying, and exporting gold from small-scale and artisanal sources. All previously held licenses by both local and foreign companies under the old export framework are now void.
Under the new rules, foreign companies must exit the local gold trading space by April 30. However, they may apply to engage with GoldBod directly for gold purchases or export, according to the agency’s directive.
The decision forms part of a broader strategy to centralize Ghana’s gold trading operations and ensure that the state captures a greater share of the sector’s value. Finance Minister Cassiel Ato Forson earlier stated that GoldBod’s formation would help improve foreign exchange inflows and stabilize the national currency.
Ghana, Africa’s leading gold producer, saw gold export revenues soar by 53.2/percent in 2024, reaching $11.64 billion. Nearly $5 billion of that came from registered small-scale mining operations, underlining the importance of the artisanal sector to the national economy.
The announcement comes amid a global rally in gold prices, which crossed the $3,200-per-ounce mark on Friday for the first time. Ongoing tensions between the United States and China have spurred investor demand for gold as a hedge against economic instability, adding pressure to secure and formalize supply chains in producing nations.
As Ghana tightens control over its gold industry, the move is expected to reshape trade dynamics not only within the country but across regional markets dependent on informal gold flows.