Ghana orders foreigners to exit gold market by April 30
By Reuters
Ghana, the leading gold producer in Africa, has ordered all foreign entities to withdraw from its gold trading market by the end of April. The directive comes from a newly formed government body focused on reforming the sector, particularly purchases from artisanal and small-scale miners. The government aims to centralize and regulate gold buying to increase national revenue and clamp down on widespread smuggling, which has long undermined official export figures.
Previously, both local and foreign companies holding export licenses were allowed to buy and export gold. However, this shift signals a move toward tighter domestic control and prioritization of local players in the gold value chain. The decision also comes at a time of heightened global interest in gold, with prices recently soaring past $3,200 per ounce — driven largely by investor anxiety over the ongoing U.S.-China trade war and broader geopolitical uncertainty. Gold’s traditional role as a safe-haven asset has only added urgency to Ghana’s efforts to secure a greater share of the profits from its mineral wealth.
