The Government of Ghana has announced a sweeping reform in its gold mining sector, banning all foreigners from trading in the country’s local gold market effective May 1, 2025, in a move aimed at curbing illegal mining, boosting foreign exchange reserves, and stabilising the national currency.
The ban, announced on Monday, gives exclusive regulatory control to a newly established state agency — the Ghana Gold Board (GoldBod) — which will now oversee all artisanal and small-scale gold mining activities in the country.
“All foreigners are hereby notified to exit the local gold trading market not later than April 30, 2025,” said Prince Kwame Minkah, spokesperson for GoldBod, in an official statement. However, he noted that foreigners may apply to GoldBod for permission to buy or off-take gold directly through official channels.
Ghana, Africa’s top gold producer, derives more than a third of its annual gold output from small-scale mining. The country’s lucrative but largely unregulated artisanal and small-scale mining (ASM) sector has long been plagued by illegal practices, environmental degradation, and unapproved foreign involvement — particularly by Chinese nationals.
The new measure is widely seen as a major policy move by President John Mahama’s administration, which came to power with strong promises to clamp down on galamsey — the illegal and informal mining operations that have wreaked havoc on local communities and natural ecosystems.
“The establishment of GoldBod and the ban on foreign participation is one of the most decisive steps taken by the Ghanaian government in recent years to regain control over the gold value chain,” said Nana Asante Krobea, a mining governance expert. “It sends a strong message to foreign actors — especially Chinese operatives — who have circumvented local laws for years.”
Despite the risks of disrupting an industry that supports over one million livelihoods, authorities believe the reforms will ultimately lead to greater transparency, improved environmental standards, and increased government revenue.
If fully enforced, the new directive could significantly reshape Ghana’s gold economy and set a precedent for other African nations grappling with illegal mining and foreign exploitation in the extractive sector.
