Ghana wants to increase foreign exchange profits by regulating the gold trade

To increase foreign exchange profits, Ghana’s parliament approved a bill on Saturday to create a new gold trade regulating body.

The main features of the Gold Board (GoldBod) Bill 2025 include requiring the GoldBod to oversee the buying, selling, and exporting of gold, sanitizing transactions in the business, and producing income to keep the local currency stable.

The GoldBod will serve as the exclusive purchaser of gold from legitimate small-scale miners after the president signs the legislation, lowering smuggling and improving traceability.

“The entire gold value chain, from extraction to refining, value addition, and marketing, both locally and internationally, will be harnessed by Ghana thanks to the GoldBod,” Finance Minister Cassiel Ato Forson told reporters.

Forson added that the program would legitimize small-scale mining businesses, boost income, and generate jobs.

The program is a component of the Ghanaian government’s overarching plan to position the nation to capitalize more on its natural resources, generate wealth, and increase foreign exchange revenues in order to stabilize the world market.

Ghana extracted over 4 million ounces of gold in 2023, making it one of Africa’s top producers.