Ghana Prohibits Foreigners from Trading Gold Starting May 1
Effective May 1, 2025, Ghana will prohibit foreigners from trading or purchasing artisanally mined gold within the country. This policy shift was announced by the newly established Ghana Gold Board (GoldBod), which will replace the previous licensing agency, the Precious Minerals Marketing Co. Under the new law signed by President John Dramani Mahama on April 2, only GoldBod will be authorized to buy, sell, assay, and export gold produced by licensed small-scale miners.
The law mandates criminal charges for non-compliance. The move aims to boost regulatory oversight, increase government revenue from gold exports, and address ongoing issues with illegal gold mining, known locally as "galamsey." Illegal mining has caused widespread environmental damage and was a key issue in Ghana’s recent presidential election. Finance Minister Dr. Cassiel Ato Forson stated that GoldBod will support Ghana’s efforts to capture more value from the gold supply chain and strengthen foreign exchange reserves.
Ghana is currently the largest gold producer in Africa and ranks sixth globally.
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