Ghana Moves To Clean Up Gold Sector, Bans Foreigners From Local Trading

By Onoja Baba, Nigeria

In a landmark policy shift, the Ghanaian government has announced a nationwide ban on all foreign participation in the country’s local gold trading market, effective May 1, 2025.

The decision, aimed at streamlining operations and safeguarding national interests in the gold industry, marks a significant move to tackle long-standing issues surrounding illegal mining and unregulated gold trade.

According to an official statement released Monday, the newly established Ghana Gold Board (GoldBod) will now wield full regulatory and operational authority over artisanal and small-scale gold mining (ASM) activities across the country.

All foreigners currently involved in the local gold trading business have been ordered to exit by April 30, 2025.

The Prince Kwame Minkah, spokesperson for GoldBod said,“All foreigners are hereby notified to exit the local gold trading market not later than 30th April, 2025. However, foreigners may apply to the GoldBod to buy or off-take gold directly from the Board.”

Ghana, Africa’s top gold producer, has long depended on small-scale miners for more than one-third of its total gold output.

Yet, the sector, popularly known for illegal operations referred to as galamsey, has faced years of scrutiny due to environmental damage, smuggling, and lawlessness.

Foreign nationals, particularly from China, have been frequently linked to illicit mining and unauthorized exports.

The government believes the new measures will not only restore discipline but also boost foreign exchange reserves and stabilize the Ghanaian cedi, which has experienced persistent pressure in recent years.

“This is one of the most decisive steps taken by the Ghanaian government in recent years to regain control over the (small-scale) gold value chain. It sends a strong message to foreign actors, especially Chinese operatives — who have circumvented local laws for years,” said Nana Asante Krobea, a respected mining governance consultant.

President John Mahama’s administration has faced mounting pressure to fulfill campaign promises around ending illegal mining.

The formation of GoldBod and the enforcement of the foreign ban are seen as the first major actions toward fulfilling those commitments.

With over one million Ghanaians relying on ASM for their livelihoods, the government insists that the new system will prioritize local empowerment while reducing environmental degradation and illegal exports.