Ghana has officially banned all foreign nationals from trading in its local gold market, a move aimed at boosting national revenue, curbing illegal mining, and bringing greater regulation to one of Africa’s most lucrative gold industries. The ban follows the enactment of a new mining law, signed into effect by President John Mahama on April 2, 2025, which establishes the Ghana Gold Board (GoldBod) as the sole authority responsible for buying, selling, and exporting gold produced by the country’s artisanal and small-scale mining (ASM) sector.
“All foreigners are hereby notified to exit the local gold trading market not later than 30th April, 2025,” GoldBod spokesperson Prince Kwame Minkah stated. Under the new law, foreigners may still apply to offtake gold directly from GoldBod, but are prohibited from participating in any other part of the local gold value chain. Ghana is Africa’s top gold producer and sixth globally, but it has long grappled with illegal mining—locally known as galamsey—which has caused extensive environmental damage and contributed little to government revenues. Over 60% of the nation’s water bodies have been polluted due to unregulated mining activities, often involving Chinese nationals, who have been accused of sidestepping local laws.
To streamline control and improve transparency, the licenses of existing local gold dealers have also been revoked, although a grace period has been provided for compliance. During the transition, gold transactions must be conducted exclusively in Ghanaian cedis and priced according to Bank of Ghana rates.
The government has allocated $279 million to GoldBod with the target of purchasing and exporting at least three tonnes of gold per week, in a bid to increase foreign exchange reserves and stabilize the Ghanaian cedi. Finance Minister Cassel Ato Forson emphasized the strategic economic importance of this move. Despite broad support, concerns remain within the gold trade industry. Kwaku Effah Asuahene, chairman of the Chamber of Bullion Traders Ghana, welcomed the government’s intent but warned that GoldBod may lack the resources to buy all available gold. He advocated for a model that allows collaboration with vetted foreign investors.
While GoldBod’s primary mandate isn’t to crack down on illegal mining, analysts believe the reform could make it more difficult for illegal miners to sell their gold, effectively choking off access to black market buyers. Mining governance expert Nana Asante Krobea told AFP the reform is “a bold first step” and a potential turning point in the fight against galamsey. The overhaul also comes at a time of soaring global gold prices, which recently hit $3,200 per ounce, driven by escalating geopolitical tensions and economic uncertainty.
Ghana’s gold exports surged 53.2% in 2024, reaching $11.64 billion, with nearly $5 billion coming from the small-scale mining sector. The government hopes the new system will ensure greater transparency, higher revenue capture, and more effective regulation in the sector that has for years operated in legal and economic grey zones.
