BREAKING: Ghana Directs Foreign Nationals To Withdraw From Gold Market By April 30

Ghana has directed all foreign nationals to exit its local gold trading market by April 30, according to a statement released on Monday by a newly established government agency. The directive forms part of efforts to streamline gold purchases from small-scale miners, boost national revenue, and curb gold smuggling.

The West African nation, which ranks as Africa’s top gold producer, is transitioning from its previous system where both local and foreign companies holding export licences were permitted to buy and export gold mined on an artisanal or small-scale level.

In line with the reforms, the newly created Ghana Gold Market Board, known as GoldBod, will now serve as the sole authorised entity responsible for purchasing, selling, assaying, and exporting gold from small-scale miners. All previously issued licences under the old system have been rendered invalid.

While foreign entities are required to vacate the local gold trading space by the end of the month, the statement noted that they may apply for permission to purchase or export gold directly from GoldBod.

Finance Minister Cassiel Ato Forson had earlier disclosed in January that the establishment of GoldBod would enable the country to derive greater benefit from gold sales while helping to stabilise the national currency.

In 2024, Ghana’s gold exports rose by 53.2 percent, reaching a value of $11.64 billion. Nearly $5 billion of that figure came from legally registered small-scale miners.

Meanwhile, gold prices surged past the $3,200-per-ounce mark for the first time last Friday. The escalation is partly attributed to ongoing trade tensions between the United States and China, which have unsettled global markets and prompted investors to seek refuge in gold—a commodity traditionally seen as a safeguard during periods of geopolitical and economic uncertainty.