Ghana has announced a comprehensive ban on foreign nationals trading in its local gold market, effective from 1 May 2025, in a significant policy overhaul aimed at curbing illegal mining and strengthening the country’s foreign exchange reserves.
Under the new directive, all gold trading within Ghana will fall exclusively under the authority of the newly established Ghana Gold Board (GoldBod), which will also oversee regulation and control of the artisanal and small-scale mining (ASM) sector. The move marks a major shift in how the country’s multibillion-dollar gold industry is governed.
“All foreigners are hereby notified to exit the local gold trading market not later than 30th April, 2025,” GoldBod spokesperson Prince Kwame Minkah said in a statement. However, he noted that foreigners would still be permitted to purchase gold through formal applications to GoldBod, which will act as the sole authorised off-taker.
Ghana is Africa’s largest gold producer, with small-scale mining contributing over a third of national output. The sector, however, has long been plagued by illegal mining operations — known locally as galamsey — which have caused significant environmental damage and deprived the government of vital revenues.
Chinese nationals have been especially prominent in the informal mining and trading network and have frequently faced accusations of unlawful gold exports and contributing to environmental degradation. The government’s latest action is widely viewed as an effort to clamp down on these illicit activities.
The establishment of GoldBod and the exclusion of foreign traders is also being interpreted as the first major step by President John Mahama’s new administration to fulfil campaign promises to crack down on illegal mining and restore integrity to the gold value chain.
“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,” said Nana Asante Krobea, a mining governance consultant. “It sends a strong message to foreign actors — especially Chinese operatives — who have circumvented local laws for years.”
With over one million Ghanaians relying on ASM for their livelihoods, the sector’s reform presents both economic and political stakes. Analysts say the ban, if effectively implemented, could help boost state revenue and introduce much-needed regulation in a historically chaotic space.
