Ghana mandates that foreigners withdraw from the gold market by April 30

Ghana, a West African nation seeking to streamline gold purchases from small-scale miners, boost profits, and curb smuggling, announced Monday that foreigners have been instructed to leave its gold trading sector by the end of the month.

The top gold producer in Africa is moving away from a system that allows small-scale or artisanal gold mining to be purchased and exported by domestic and international businesses with export permits.

Older permits are no longer valid under the new system, which will only permit the newly established GoldBod to purchase, sell, test, and export artisanal gold, according to a statement released on Monday.

While they can apply “to buy or take-off gold directly from the GoldBod,” foreigners are required to vacate the local gold trading market by April 30, according to the statement.

GoldBod’s establishment, according to Finance Minister Cassiel Ato Forson in January, would enable Ghana to profit more from gold sales while preserving the stability of the country’s currency.

Almost $5 billion of Ghana’s $11.64 billion in 2024 gold exports came from legitimate small-scale miners, representing a 53.2% increase.

For the first time, gold prices jumped on Friday above $3,200 an ounce.

Gold is typically thought of as a hedge against economic and geopolitical uncertainty, but the trade war between the United States and China has shook international markets and pushed investors into the metal.