Ghana has made a bold move to take back control of its gold trade.
The government has told all foreign companies involved in local gold trading to leave the market by April 30. This decision is part of a larger reform to make sure the country gets the most out of its natural resources—especially gold.
The order came after the Ghana Gold Board, known as GoldBod, was given full authority over how gold is bought, sold, tested, and exported from the Artisanal and Small-Scale Mining (ASM) sector. This board, which was created earlier this year, now controls nearly every step in the small-scale gold trade.
The goal behind this reform is to stop smuggling, raise more money for the country, and protect the local currency. Until now, foreign firms with export licenses were allowed to buy and ship gold from Ghana’s small-scale miners. But starting soon, that will no longer be allowed. Foreigners who still want to be involved must now go through GoldBod and can only apply to buy or receive gold directly from them.
This change could have a big impact. Last year alone, Ghana’s gold exports jumped by over 50%, reaching $11.64 billion. Legal small-scale miners made up nearly $5 billion of that total. By tightening the rules, Ghana hopes to make sure all that gold—and the money it brings in—truly benefits the country.
Ghana is one of the world’s biggest gold producers. Its mining industry supports jobs, fuels business, and brings in billions each year. But for years, a lot of gold has left the country without proper tracking or taxes. This reform is meant to fix that.
With the new law now in motion, the country is betting on a more organized and locally driven gold sector—one that keeps the wealth from its mines flowing into Ghana’s economy, not out of it.