In brief
The Ghanaian government has implemented a new law restricting all foreign individuals from trading gold in the country, following the establishment of the Ghana Gold Board (GoldBod). The GoldBod is now the exclusive authority on gold mining, and citizens have until April 30, 2025, to exit the local gold market, as stated by GoldBod representative Prince Kwame Minkah. Ghana, the largest gold producer in Africa, has long struggled with illegal gold mining, known as "galamsey," which has exacerbated environmental issues while increasing youth unemployment amidst economic difficulties. While local dealers’ licenses have been revoked, the government set aside $279 million for GoldBod to facilitate gold transactions and intends to purchase at least three tonnes weekly. Although some industry members support the initiative, they express concerns about revenue generation challenges. This new regulation is perceived as a significant move to enhance control over the gold sector and fulfill campaign promises against illegal mining.
