Ghana, Africa’s foremost gold producer, has formally instructed all foreign entities to exit its artisanal gold trading market by 30 April 2025, as part of a broader effort to restructure how the country sources, manages, and benefits from its gold output. The directive was announced by the newly established state entity, the Gold Board (GoldBod), which has been mandated as the sole authority to buy, assay, sell, and export gold sourced from artisanal and small-scale mining (ASM) operations.
The decision reflects a marked shift away from the previous system, where both domestic and foreign firms holding export licences could independently purchase gold from small-scale producers. Under the new regulatory framework, those licences are no longer valid. The GoldBod will serve as the central conduit for all ASM gold transactions moving forward. While foreigners have been ordered to vacate the local gold trading space, they may still apply to purchase gold directly from GoldBod, according to the government’s statement.
This policy adjustment is part of Ghana’s strategy to streamline gold supply chains, curb illicit trade, and maximise revenue retention. In 2024, the country’s gold exports increased by 53.2%, reaching $11.64 billion, with nearly $5 billion attributed to legal ASM operations, according to figures from the Ghana Revenue Authority (GRA).
Finance Minister Cassiel Ato Forson highlighted in a January 2025 briefing that the formation of GoldBod is expected to improve fiscal outcomes from gold sales, boost foreign currency reserves, and enhance the stability of the Ghanaian cedi. Forson added that centralising transactions through GoldBod would enable the state to better monitor production volumes, pricing mechanisms, and value flows.
This announcement comes at a time of heightened global interest in gold. Prices surged past $3,200 per ounce in April 2025 for the first time in history, fuelled by investor anxiety amid persistent geopolitical and economic uncertainty—particularly the ongoing trade conflict between the United States and China (World Gold Council).
Ghana’s move may resonate across the region, especially among African nations facing similar challenges in their ASM sectors, such as under-regulation, tax evasion, and smuggling. By limiting foreign access and consolidating market control under a central authority, Ghana seeks to exert greater influence over one of its most critical export commodities.
The country continues to lead the continent in gold production. The top gold-producing countries in Africa as of 2025 include Ghana, Mali, South Africa, Burkina Faso, Sudan, Guinea, Tanzania, Côte d’Ivoire, Zimbabwe, and the Democratic Republic of Congo (Chamber of Mines of South Africa). Together, these nations account for the majority of Africa’s gold output.
Ghana’s insistence on a foreign exit from its ASM market signals a reorientation of resource governance rather than a move toward exclusion. It reinforces the government’s commitment to ensuring that the full economic potential of artisanal gold mining is realised within national frameworks designed for transparency, equity, and long-term fiscal stability.
