Ghana Orders Foreign Traders to Leave Gold Market by 30 April, Cancels Old Export Licences

The Government of Ghana has asked all foreign nationals trading in the country’s local gold market to leave by 30 April 2025. This follows the new Ghana Gold Board Act 2025 (Act 1140), which was passed by Parliament on 29 March and signed into law by President John Dramani Mahama on 2 April.

The order was announced on Monday by Prince Kwame Minkah, Public Relations Officer of the Ghana Gold Board (GoldBod), who said the directive applies to all foreigners currently involved in local gold trading.

All foreigners are hereby notified to exit the local gold trading market not later than 30th April 2025, the statement read.

The move is part of government efforts to reform the gold sector. Ghana wants to improve how gold is sourced from small-scale miners, reduce smuggling, and increase revenue.

GoldBod, a newly formed government body, is now the only authorised institution to buy, sell, test, and export gold from small-scale miners. As a result, all old export licences are no longer valid.

Foreigners can no longer buy gold directly from miners but may apply to GoldBod if they wish to purchase or export gold. Finance Minister Cassiel Ato Forson said earlier that GoldBod was created to help Ghana gain more value from its gold exports. He also noted that the new system would support currency stability.

In 2024, Ghana’s gold exports rose by 52.6 per cent to $11.6 billion, up from $7.6 billion in 2023. Nearly $5 billion of this total came from legal small-scale mining operations. Gold remains Ghana’s top export, accounting for 57% of total export revenue. This shows the sector’s importance to the national economy.

Additionally, Ghana is Africa’s largest gold producer and one of the top global exporters. In 2024, the United Arab Emirates received 53.1 per cent of Ghana’s gold exports to Asia, while Switzerland took in 60.2 per cent of exports to Europe. In Africa, South Africa received 60.5 per cent of the gold shipped from Ghana.

Meanwhile, gold prices have continued to rise. Last Friday, the price went above $3,200 per ounce for the first time. The increase is linked to global economic uncertainty, especially trade tensions between the United States and China, and investors are turning to gold as a safe asset.

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