According to reports, Ghana has ordered foreigners to exit its gold trading market by the end of April as Africa’s largest gold producer looks to streamline gold purchases from small-scale miners, increase earnings, and reduce smuggling.
The West African nation is shifting away from a system where local and foreign companies with export licenses can buy and export gold from artisanal or small-scale mining.
The newly established Gold Board (GoldBod) will be the only entity allowed to buy, sell, assay, and export all gold mined in Ghana.
The new regulatory body has also canceled all mining leases to all persons, including Ghanaians, except those operating large-scale mining companies. It also urges all licensed persons and entities buying gold in the local market to do so in Ghana cedis.
