Ghana: New Administration Bans Foreigners from Gold Trade Starting May 1

In a bold move to combat illegal mining and bolster national revenue, Ghana has prohibited foreigners from buying or trading artisanal gold within the country, effective May 1. The decision comes as part of a new regulatory framework established by the Ghana Gold Board (GoldBod), the nation’s newly created oversight body for gold exports.

Under the new law, GoldBod becomes the sole entity authorized to buy, sell, assay, and export gold produced by licensed small-scale miners in Ghana. Licenses previously issued by the Precious Minerals Marketing Co. are now invalid, and unauthorized trading will carry criminal penalties.

The legislation, passed by Parliament on March 29 and signed into law by President John Dramani Mahama on April 2, aims to consolidate control over the gold trade to curb smuggling and maximize export revenues. Prince Kwame Minkah, GoldBod’s spokesperson, emphasized that the initiative seeks to build foreign exchange reserves while addressing rampant gold smuggling.

Illegal mining – locally termed “galamsey” – has plagued Ghana, Africa’s largest gold producer and the world’s sixth biggest. Environmental degradation and economic desperation have fueled the practice, despite government crackdowns.

The issue gained significant attention during last year’s presidential election, with voters demanding stronger action against its environmental and social impacts.

Finance Minister Cassiel Ato Forson underscored GoldBod’s mandate: to harness the entire gold value chain, from extraction and refining to value addition and global marketing. This centralized approach aims to position Ghana as a more competitive player in the international gold market while addressing longstanding challenges tied to illegal mining and environmental harm.