The Ghanaian government has given foreign nationals until April 30, 2025, to exit the local gold market. The decision follows the recent passage of the Ghana Gold Board Act (Act 1140), a law designed to reshape how the nation manages and benefits from its artisanal and small-scale gold mining sector.
The directive, confirmed in a public statement by the Ministry of Lands and Natural Resources, is part of a broader effort to formalize the industry and strengthen national control over the gold value chain. “All foreigners are hereby notified to exit the local gold trading market not later than 30th April, 2025,” said Prince Kwame Minkah, Public Relations Officer for the Ministry.
This landmark policy marks a new chapter in Ghana’s bid to curb illegal gold smuggling, boost state revenues, and ensure better oversight of gold exports. Central to the reform is the creation of the Ghana Gold Board, known as GoldBod, a newly established authority tasked with managing the purchase, sale, and export of gold sourced from small-scale miners.
Under the new framework, previously issued licenses by the Precious Minerals Marketing Company (PMMC) and the Minister for Mines have been revoked—except for those held by large-scale mining firms. This effectively places GoldBod at the center of Ghana’s small-scale gold trade, cutting off unregulated intermediaries and foreign traders operating within local markets.
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Although foreign entities are being asked to leave the domestic trading scene, they are not being completely shut out of Ghana’s gold economy. GoldBod clarified in an April 14 statement that foreign companies may still apply for special authorization to purchase gold directly from the new board, provided they adhere to the updated regulatory procedures.
The stakes are high. In 2024 alone, Ghana’s gold exports jumped by more than 53%, reaching $11.64 billion. Of that total, nearly $5 billion came from legal small-scale mining operations. The government hopes that tighter control over this segment of the industry will help capture even more value domestically and stabilize the national currency, the cedi.
The timing of the new directive coincides with global gold prices hitting a historic peak, surpassing $3,200 per ounce. The surge, driven in part by ongoing geopolitical tensions and investor demand for safe-haven assets, puts Ghana in a strong position to maximize returns—if it can effectively regulate the sector.
For now, the clock is ticking. Foreign traders have just weeks to wind down their local operations or seek approval under the new GoldBod system. Whether this bold move will bring the desired economic gains remains to be seen, but one thing is clear: Ghana is taking firm steps to reclaim control of its gold.
