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West Africa

Ghana Bans Foreign Buyers from Trading in Artistically Mined Gold

April 16, 2025

Starting May 1, all gold transactions must be conducted with licenses issued by the newly formed Ghana Gold Board, also referred to as GoldBod, as stated in an announcement from the organisation. Licenses that were previously granted by the Precious Minerals Marketing Company, which handled the marketing of the country's mineral output, will no longer be recognised.

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Licenses that were previously granted by the Precious Minerals Marketing Company, which handled the marketing of the country’s mineral output, will no longer be recognised.

A newly established regulatory authority for gold exports in Ghana announced that foreign buyers will no longer be permitted to purchase or trade artisanally mined gold in the nation, which is Africa’s leading gold producer.

Starting May 1, all gold transactions must be conducted with licenses issued by the newly formed Ghana Gold Board, also referred to as GoldBod, as stated in an announcement from the organisation. Licenses that were previously granted by the Precious Minerals Marketing Company, which handled the marketing of the country’s mineral output, will no longer be recognised.

The announcement emphasised that from next month onward, no entity will be allowed to buy or engage in gold trading in Ghana except for GoldBod, which was established to regulate gold commerce and enhance revenue from exports.

According to the new legislation, GoldBod will serve as the exclusive buyer, seller, assayer, and exporter of all gold produced by licensed small-scale miners in Ghana, with criminal charges applicable to those who operate without a license from the board.

The persistent issue of illegal gold mining, locally termed ‘galamsey,’ was a significant topic during last year’s presidential election campaign in Ghana and raised concerns among voters, leading to protests and criticism of the outgoing administration.

Ghana ranks as the sixth-largest gold producer globally, yet illegal mining has surged as individuals seek employment in a struggling economy, resulting in environmental pollution of rivers and other areas, despite government efforts to curb the practice.