Ghana instructs all foreign nationals involved in its gold market to exit the sector by April 30, 2025

Ghana has announced a sweeping reform of its gold trading system, ordering all foreign players out of the artisanal and small-scale gold market by the end of April. The move is part of a broader effort to curb smuggling, boost government revenues, and stabilize the country’s economy.

The directive was issued by GoldBod, a newly established government authority that now holds exclusive rights to buy, sell, assay, and export gold from the small-scale mining sector. Under the new system, all previously held licenses for local and foreign gold exporters are no longer valid.

“Foreigners must exit the local gold trading market by April 30,” GoldBod said in a statement released Monday. However, it added that foreign companies can still participate in the sector — but only through direct transactions with GoldBod.

This policy shift marks a clear break from Ghana’s former gold export framework, which allowed both local and international firms to purchase gold directly from small-scale miners and export it independently. That model, while contributing to export volumes, was also blamed for fueling gold smuggling and causing billions in lost revenue.

Ghana, Africa’s largest gold producer, is betting on centralized control to fix that. By channeling all artisanal gold through a single, state-regulated body, officials say they will increase transparency, cut illegal exports, and ensure more of the wealth from gold stays in-country.

Finance Minister Cassiel Ato Forson first signaled the shift in January, saying the creation of GoldBod would allow the government to better manage gold flows and stabilize the Ghanaian cedi. On Monday, that vision took a sharp and definitive step forward.

In 2024, Ghana’s gold exports surged by 53.2% to $11.64 billion, with nearly $5 billion of that coming from legal small-scale operations. Yet smuggling remains a chronic issue. Analysts estimate that illegal exports may have drained the state of hundreds of millions in taxes and royalties.

“Too much gold is slipping through our fingers,” one official at the Ministry of Lands and Natural Resources said. “GoldBod is how we close the gap.”

The timing of the reform is significant. Gold prices have soared in recent weeks, driven past $3,200 per ounce amid escalating global tensions and trade uncertainty between the United States and China. As investors seek safe-haven assets, gold has become more attractive — and more valuable — than ever.

Ghana’s government is clearly positioning itself to benefit more directly from the boom.

“This is as much about economics as it is about sovereignty,” said economist Kofi Bempah. “By asserting full control over the artisanal gold market, Ghana is saying: if gold is going to leave this country, it’s going to do so on our terms.”

While foreign traders can still engage in business with GoldBod, some market watchers believe the new policy will dampen their influence in the sector and raise barriers to entry. Others see the move as long overdue.

“This should have happened years ago,” said a small-scale miner in Tarkwa, one of Ghana’s key mining regions. “The old system let too many middlemen profit while we took the risks. Maybe now we’ll see a fairer share.”

GoldBod’s success, however, will depend on execution. The government must ensure that the new board operates with integrity and efficiency — and that small-scale miners are paid fairly and promptly for their gold.

If the transition is smooth, Ghana could not only curb smuggling and raise revenues, but also strengthen its currency and economic resilience in a volatile global market.

For now, though, foreign gold dealers in Ghana are on the clock — with just two weeks left to shut down or reconfigure their operations.