Ghana bans foreigners from local gold trading in major overhaul

Ban takes effect on May 1. Many Chinese nationals have been active in Ghana’s informal gold mining and trading ecosystem

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A gold mine run by Chinese nationals at Obuasi, Ghana. The Africa country on Monday said it was banning all foreigners from trading in its local gold market. Photo: Amy Nip

Published: 3:41am, 15 Apr 2025Updated: 9:47am, 15 Apr 2025

Ghana on Monday announced it was banning all foreigners from trading in its local gold market as part of sweeping reforms aimed at boosting foreign exchange reserves and stabilising the local currency.

The ban takes effect on May 1 and grants exclusive authority to a new state body, the Ghana Gold Board (GoldBod), to regulate and control artisanal and small-scale gold mining in a country where illegal mining has become a major issue.

“All foreigners are hereby notified to exit the local gold trading market not later than April 30, 2025,” said GoldBod spokesman Prince Kwame Minkah in a statement.

Foreigners may however “apply to the GoldBod to buy or offtake gold directly from the GoldBod”, he said.

Many Chinese nationals have been active in Ghana’s informal mining and trading ecosystem, and along with Ghanaian nationals have been repeatedly accused of illegal activities including unauthorised gold exports and environmental degradation.

Ghana, the largest gold producer in Africa, derives more than a third of its gold output from small-scale miners. Industry experts believe the move could transform the country’s multibillion-dollar artisanal and small-scale (ASM) mining sector.