Ghana has ordered all foreign gold traders and miners to leave its local gold trading market by April 30, 2025

As part of a major policy shift to regain control over its gold resources and increase national revenue. This move affects foreign companies involved in the artisanal and small-scale gold mining sector, which produces nearly half of Ghana’s gold. The government has established a new state institution called the Ghana Gold Board (GoldBod), which will have exclusive authority to buy, sell, test, and export gold from this sector. Foreign traders are no longer allowed to operate directly in the local gold market but may apply to purchase gold only through GoldBod, ensuring full transparency, traceability, and taxation of gold transactions235.

The decision came without prior warnings or negotiations, reflecting a firm government stance to end foreign dominance and exploitation in the gold sector. Foreign buyers, including those who have operated for over a decade, have been given a strict deadline to exit the market, with no exceptions for informal or unregistered purchases. This policy aims to stop the manipulation of gold prices, smuggling, and the siphoning of profits offshore, which have long deprived Ghana of substantial economic benefits despite its vast mineral wealth135.

The ban also addresses the environmental and social issues linked to illegal mining (“galamsey”), which has caused significant environmental degradation and social problems in mining regions. By channeling gold sales through a government-controlled body, Ghana hopes to better regulate the sector, reduce illegal activities, and stabilize the national currency through increased foreign exchange earnings. The government has allocated $279 million to GoldBod to purchase and export a minimum of three tonnes of gold weekly, reinforcing its commitment to this new approach35.

This policy has drawn mixed reactions internationally, with some foreign investors expressing concern about the impact on investor confidence. However, domestically, the move has been welcomed as a step toward sovereignty over natural resources and fairer economic benefits for Ghanaian miners and the nation as a whole135.

In summary, Ghana’s government has decisively told all foreign gold miners and traders to exit the local gold market by April 30, 2025, transferring exclusive control of artisanal and small-scale gold mining to the state-run Ghana Gold Board to boost revenue, combat illegal mining, and ensure national control over its gold resources235.