In a significant policy shift, Ghana has instructed all foreign nationals involved in its gold trading sector to vacate by April 30, 2025. This move is part of a broader strategy to enhance local control over the gold industry, increase government revenue, and combat illegal mining activities.
The newly established Ghana Gold Board (GoldBod) will assume exclusive rights to buy, sell, assay, and export gold produced by licensed small-scale miners. This change renders previous export licenses invalid, signalling a decisive step towards restructuring the sector.
Finance Minister Dr. Cassiel Ato Forson emphasized that this reform aims to bolster national earnings and stabilize the local currency. In 2024, Ghana’s gold exports surged by over 50% to $11.6 billion, with nearly $5 billion stemming from legal small-scale mining. However, the country continues to grapple with challenges related to illegal mining and smuggling, which have undermined the sector’s potential.
The new policy also addresses environmental concerns associated with illegal mining, known locally as “galamsey,” which has led to significant ecological damage. By centralizing gold trading under GoldBod, the government seeks to enforce stricter regulations and ensure that the benefits of gold exports are more directly channelled into the national economy.
While foreign entities are required to exit the local gold trading market, they may still apply to purchase gold directly through GoldBod. This approach aims to maintain international interest in Ghana’s gold while ensuring that the primary benefits accrue to the local population.
This policy shift marks a pivotal moment in Ghana’s efforts to reclaim control over its natural resources and ensure that the wealth generated from gold mining contributes to sustainable national development.
