Ghana, an African country, has made a key decision to impose a ban on foreign nationals trading in gold. From May 1, 2025, foreigners will no longer be allowed to buy or sell gold that is mined within the country. The new rule was announced by the Ghana Gold Board on Monday, which further clarified that anyone wishing to trade in gold must obtain a license from the newly established Ghana Gold Board. Previously, companies traded gold by acquiring a license from the Precious Minerals Marketing Company, but such licenses will no longer be valid under the new regulations.
From now on, only the Ghana Gold Board will be allowed to purchase gold from small-scale miners who have a license. The Board will assess the gold's value and manage its exportation. Anyone found trading gold without a valid license from the Ghana Gold Board will face legal consequences. In the past, both local and foreign companies with export licenses could purchase gold from Ghanaian miners and export it abroad, but under the new rules, this will no longer be possible. The Ghanaian Parliament approved the Ghana Gold Board Bill on March 29, and it became law after President John Dramani Mahama signed it on April 2.
This decision is aimed at curbing illegal gold trafficking and increasing Ghana's foreign exchange reserves. Prince Kwame Minka, a representative from the Gold Board, stated that the law would help address illegal gold trade. The new board is expected to benefit Ghana's gold trade, according to Finance Minister Dr. Castiel Ato Forson. The Board will play a role in gold extraction, purification, value addition, and sales. Illegal mining, known as "galamsey," has become a significant issue in Ghana, which was highlighted during the presidential election campaign last year. The previous government faced criticism for this problem. Despite Ghana being one of the top gold-producing countries, illegal mining has been rapidly increasing, causing severe environmental damage, particularly to rivers. Due to economic constraints, people have turned to illegal mining for employment, prompting the government's action to create the Ghana Gold Board.
