ARISE NEWS
Ghana has directed all foreign nationals to exit its local gold trading market by April 30, a move aimed at boosting national revenue and tackling gold smuggling.
Ghana has ordered all foreign nationals to vacate its local gold trading market by April 30, according to a statement from the newly established Ghana Gold Market Board (GoldBod) on Monday. This directive aims to streamline gold purchases from small-scale miners, increase national revenue, and combat gold smuggling. Under the new reforms, GoldBod will be the sole entity responsible for the purchase, sale, assaying, and export of gold from small-scale miners, invalidating all previous licences.
Foreign entities can apply for permission to purchase or export gold directly through GoldBod. Finance Minister Cassiel Ato Forson said earlier this year that the initiative would stabilize the national currency and ensure greater benefit from gold sales. In 2024, Ghana’s gold exports surged by 53.2%, totaling $11.64 billion, with $5 billion derived from small-scale miners.