Ghana told foreign traders to leave its gold market by April 30, a government agency announced Monday. The West African nation aims to improve purchases from small miners, boost revenue, and stop smuggling. Ghana leads Africa in gold production and wants to change how local and foreign companies with export permits buy gold from small operations.
The new system makes GoldBod the only organization allowed to buy, sell, test, and export small-scale gold. Previous licenses no longer work. Foreign traders must exit the local market, but can apply to purchase gold directly from GoldBod. Finance Minister Cassiel Ato Forson stated in January that creating GoldBod would help Ghana profit more from gold sales and keep its currency stable.
Ghana's gold exports jumped 53.2 percent to $11.64 billion in 2024, with almost $5 billion coming from legal small operations. Gold prices reached over $3,200 per ounce for the first time Friday. The United States-China trade dispute has shaken global markets and pushed investors toward gold, which many see as protection against economic uncertainty.
The new system makes GoldBod the only organization allowed to buy, sell, test, and export small-scale gold. Previous licenses no longer work. Foreign traders must exit the local market, but can apply to purchase gold directly from GoldBod. Finance Minister Cassiel Ato Forson stated in January that creating GoldBod would help Ghana profit more from gold sales and keep its currency stable.
Ghana's gold exports jumped 53.2 percent to $11.64 billion in 2024, with almost $5 billion coming from legal small operations. Gold prices reached over $3,200 per ounce for the first time Friday. The United States-China trade dispute has shaken global markets and pushed investors toward gold, which many see as protection against economic uncertainty.
