Josh Weiner
Ghana is taking a bold step to regain full control over its gold market by ordering all foreign entities to vacate the sector by April 30. This move, announced by the newly established regulatory body, GoldBod, is part of a broader effort to streamline the country’s gold trading operations, boost national revenue, and curb illegal gold smuggling.
As Africa’s leading gold producer, Ghana has historically allowed both local and foreign companies with export licenses to purchase and export gold from small-scale or artisanal miners. However, the government is now implementing a shift away from this system, aiming to ensure that more of the gold revenue remains within the country and benefits local communities.
Under the new directive, only the GoldBod will have the authority to buy, sell, assay, and export artisanal gold. Consequently, all previous export licenses have been invalidated, effectively limiting foreign involvement in the gold trade. Foreign companies or individuals still wishing to be involved will need to apply directly to GoldBod to obtain gold, under strict conditions.
Finance Minister Cassiel Ato Forson, who first unveiled the GoldBod initiative in January, explained that this strategy would help Ghana retain a larger share of the gold earnings while safeguarding the stability of the national currency. This decision follows a remarkable surge in Ghana’s gold exports, which increased by 53.2% in 2024, reaching $11.64 billion. Nearly half of that revenue, or around $5 billion, came from legal small-scale mining operations.
The move comes as gold prices continue to rise, recently surpassing the $3,200 per ounce mark for the first time. Global tensions, notably the ongoing trade conflict between the United States and China, have pushed investors toward gold as a secure asset during times of uncertainty. With this economic backdrop, Ghana aims to maximize its role in the global gold market while maintaining tighter control over the industry.
Top 10 Gold-Producing Countries in Africa (2025)
- Ghana 🇬🇭
- Mali 🇲🇱
- South Africa 🇿🇦
- Burkina Faso 🇧🇫
- Sudan 🇸🇩
- Guinea 🇬🇳
- Tanzania 🇹🇿
- Ivory Coast 🇨🇮
- Zimbabwe 🇿🇼
- Democratic Republic of Congo 🇨🇩
These nations contribute significantly to Africa’s total gold production, with Ghana leading the pack as the continent’s top producer. With the new regulations in place, Ghana is poised to assert even more influence over the region’s gold trade and attract further investment into its growing mining sector.
