Ghana has directed all foreign entities to withdraw from its domestic gold trading market by April 30, implementing a fundamental restructuring of how Africa’s leading gold producer manages its artisanal mining sector.
The directive, issued Monday by the newly established gold board known as GoldBod, dismantles the country’s previous system that permitted both local and foreign companies with export licenses to purchase and export gold from small-scale miners. Under the new regulatory framework, GoldBod will function as the exclusive entity authorized to buy, sell, assay and export artisanal gold, effectively consolidating these transactions under government oversight.
While foreign entities must terminate direct participation in the local gold trading sector by month’s end, they retain the option to apply for permissions to purchase gold directly from GoldBod, according to the official statement. All previously issued licenses have been invalidated as part of this transition. 
The West African nation’s finance ministry positioned the creation of GoldBod in January as a strategic initiative to increase Ghana’s financial benefits from gold sales while supporting stability of the cedi, the national currency that has experienced significant volatility in recent years.
The timing of this restructuring coincides with substantial growth in Ghana’s gold sector. Gold exports surged 53.2% in 2024, reaching $11.64 billion, with nearly $5 billion generated specifically by legal small-scale mining operations. This represents a crucial portion of the country’s export earnings and underscores the economic importance of effectively managing these resources.
The policy shift arrives as global gold prices recently surpassed $3,200 per ounce for the first time, propelled by escalating trade tensions between the United States and China that have unsettled global markets and reinforced gold’s traditional role as a hedge against geopolitical and economic uncertainty.
