Ghana kicks out foreign gold traders to curb smuggling, gain market control
Ghana has issued a sweeping directive requiring all foreign gold traders to exit the local market by April 30, 2025, as part of a bold new strategy to curb gold smuggling, consolidate control over its booming artisanal and small-scale mining (ASM) sector, and boost state revenues amid surging global gold prices.
The announcement follows the recent passage of the Ghana Gold Board Act (Act 1140), approved by Parliament on March 29, 2025. The legislation establishes the Ghana Gold Board (GoldBod) as the sole authority for the buying, selling, assaying, and exporting of gold produced by the ASM sector.
Under the new law, all existing licenses issued by the Precious Minerals Marketing Company (PMMC) or the ministry responsible for mines to non-large-scale entities have been revoked. Going forward, only GoldBod and its officially licensed aggregators or service providers will be authorised to purchase or export ASM gold.
To ease the transition, GoldBod has granted a grace period until April 30 for currently licensed buyers to fulfil existing contractual obligations.
“All foreigners are hereby notified to exit the local gold trading market not later than April 30, 2025,” the official statement reads. “A foreigner may, however, apply to the GoldBod to buy or off-take gold directly from the GoldBod,” it added.
After this deadline, foreign nationals will be barred from participating in local gold trading activities, although they may still apply to become authorised off-takers of GoldBod through a formal licensing process beginning April 22, 2025.
The move comes amid Ghana’s efforts to curb rampant gold smuggling, which has cost the country hundreds of millions in lost revenue, and to gain greater control over one of its most lucrative industries. Ghana is Africa’s top gold producer and recently became the sixth-largest gold producer in the world, following a 53% surge in gold exports last year.
With gold prices up over 23% in 2025 amid global economic uncertainty and trade tensions, the government sees an opportunity to maximise earnings by consolidating and regulating ASM gold flows through a centralised system.
