Ghana bans foreigners from artisanal gold market
Starting May 1st, Ghana will prohibit foreigners from operating in the artisanal gold market. The decision, announced by the Ghana Gold Board—the state agency in charge of regulating the gold sector—marks a significant shift for Africa’s leading gold producer.
Starting May 1st, Ghana will prohibit foreigners from operating in the artisanal gold market. The decision, announced by the Ghana Gold Board—the state agency in charge of regulating the gold sector—marks a significant shift for Africa’s leading gold producer.
The stated objective is to increase state revenues from gold exploitation while combating smuggling and capital flight. This measure continues the broader sector reform launched under the presidency of John Dramani Mahama.
Until now, both local and foreign companies were allowed to freely purchase and export gold from artisanal mines. From now on, only GoldBod, a state-run entity, will be authorized to buy, sell, and export this gold.
In 2023, 34 tons of artisanal gold were officially declared. However, according to the NGO Swissaid, the real figure could be nearly twice as high—highlighting a significant loss of revenue for the state. Foreign companies, particularly Chinese firms, are directly targeted by the reform.
