By Ollus Ndomu
Ghana has ordered all foreign nationals out of its gold trading market by the end of April as the country enforces sweeping reforms aimed at tightening control over its lucrative small-scale gold sector, the government announced Friday.
The move comes as part of a broader strategy to curb rampant smuggling, increase foreign exchange earnings, and centralize gold purchases. Ghana, Africa’s top gold producer, is phasing out a long-standing system that allowed both local and foreign companies with export licenses to buy and export gold from artisanal miners.
Under the new policy, the recently established Gold Board (GoldBod) will assume exclusive authority to buy, sell, assay, and export all gold produced within the country — including gold from small-scale and artisanal operations.
“All mining leases granted to individuals and entities outside the large-scale category are hereby canceled,” the Gold Board said in a statement. The measure applies to both Ghanaians and foreigners, though it primarily targets the pervasive presence of foreign buyers in the informal market, many of whom have been linked to illicit gold flows.
The Gold Board also directed that all gold trading within Ghana be conducted in the local currency, the cedi, a move meant to bolster domestic currency use and curb illegal foreign exchange activity.
The decision is expected to shake up a market that has attracted thousands of foreign gold traders, particularly from Asia and the Middle East, who have long operated in gold-rich regions across Ghana.
While the government says the overhaul will improve transparency and protect national interests, critics warn the abrupt exit order and lease cancellations could disrupt livelihoods and drive small-scale mining operations further underground.
About The Author
Leave a comment