Category: Commodities

Ghana prohibited foreigners from participating in its local gold market to increase national income and simplify the mining industry there.

The Ghana Gold Board (GoldBod), a new state organization, was given exclusive mining authority by a new law passed earlier this month.

“All foreigners are hereby notified to exit the local gold trading market not later than 30th April, 2025,” said Prince Kwame Minkah, public relations spokesperson for GoldBod.

Africa’s top gold producer and the sixth largest globally, is having difficulty combating widespread illegal gold mining, known locally as “galamsey.”.

The mineral-rich West African country was beset by a high cost of living and challenging economic conditions. Although it produces the second-most cocoa in the world, it receives very little of the chocolate’s profits.

Illegal gold mining has been expanding despite military efforts to curb galamsey activities, amid rising gold prices and high youth unemployment. Chinese and Ghanaian nationals have been involved in informal mining in Ghana and have been accused of disregarding environmental issues on numerous occasions.

This was a major campaign issue last December. All gold produced by the artisanal and small-scale mining (ASM) sector is exclusively purchased, sold, and exported by GoldBod, by the new law that was approved by parliament last month and signed into law by President John Mahama on April 2