In a bold move to protect its natural resources and boost state revenue, the government of Ghana has officially announced a ban on foreign nationals from participating in local gold trading. The decision, which takes effect from May 1, 2025, marks a significant shift in the country’s approach to small-scale mining and gold exportation.
This announcement was made by the Minister of Lands and Natural Resources, who emphasized that the new regulation is part of a larger plan to sanitize the gold industry and reduce illegal mining operations, popularly known as "galamsey." Under the new framework, the government will channel all small-scale gold transactions through a centralized body known as the Ghana Gold Board (GoldBod).
According to the Ministry, GoldBod will have the exclusive authority to buy, assay, and export gold sourced from licensed small-scale miners. This effectively cuts out private foreign buyers, who have historically played a major role in purchasing and exporting Ghana’s gold, often under murky or loosely regulated conditions.
The move has sparked mixed reactions. While many Ghanaians—particularly in mining communities—see the ban as a step in the right direction, some stakeholders in the gold trade worry about potential market disruptions and a possible decline in foreign investment.
The government, however, has assured all legitimate local operators that the policy is designed to protect their interests and ensure that more gold revenues stay within Ghana’s economy. “We want to ensure that Ghana benefits fully from its gold resources,†the Minister said. “This is a sovereign decision aimed at maximizing value for the nation.â€
Ghana is Africa’s top gold producer, overtaking South Africa in recent years. Gold remains a critical contributor to Ghana’s GDP and foreign exchange earnings. However, the country has struggled with illegal mining and under-reporting of gold exports.
With this policy shift, authorities are hopeful that the gold sector will become more transparent and beneficial to the nation’s development goals. Enforcement teams have already been deployed to major mining hubs to ensure compliance as the new regulations come into effect.
As the deadline approaches, both local and international stakeholders are watching closely to see how this policy will reshape Ghana’s gold industry—and possibly set a precedent for other African nations.