Ghana gold market reform targets foreign traders as government mandates exit by April 30 to curb smuggling and boost revenue.
Ghana gold market reform targets foreign traders as the government mandates all foreign entities to exit the local gold trading market by April 30, 2025.
This governmental order forms part of its new strategy to boost revenue from illegal gold mining while preventing unauthorized smuggling operations.
The Gold Board (GoldBod) has received exclusive power to purchase and sell and analyze and export small-scale miner gold while invalidating all current export permits.
Foreign companies that want to purchase gold through GoldBod must stop their activities in the local gold trading market by the determined deadline.
Finance Minister Cassiel Ato Forson stated during press releases that these measures would enhance Ghana’s national revenue while stabilizing the value of currency.
The gold exports from Ghana escalated to $11.64 billion in 2024 marking a 53.2% growth while legal small-scale mining contributed almost $5 billion to this total value.
Ghana continues to develop its gold sector while reducing illegal exports to achieve better economic gains from its natural resources.
Ghana demonstrates its dedication to gaining maximum profit from its gold sector through its policy which occurs during a period where global gold prices reach over $3,200 per ounce because of evolving market instability.
