From 1 May, the Gold Office is to become the sole buyer and exporter of the precious metal from the small-scale, artisanal mines that account for more than a quarter of the country’s production.
As the continent’s leading gold producer, Ghana intends to regain control of the precious metal extracted from its soil. From 1 May, the Ghana Gold Board (Goldbod), created on 2 April, is to become the sole buyer and exporter of gold from the small-scale and artisanal mines that account for more than a quarter of the country’s production. This is the first step towards extensive control of the production chain.
“All foreigners have been informed that they must leave the local gold market by 30 April 2025 at the latest”, announced the new regulator in a press release on Monday 14 April. This includes, but is not limited to, Chinese nationals, as well as Indian, Lebanese and Nigerian nationals. The measure does not apply to large-scale mining activities.
Gold boosts the coffers
Production from artisanal and small-scale mining operations, which employ around one million people according to the Ghana National Association of Small-scale Miners, jumped by 70% from 2022 to 2023, exceeding 31 tonnes, according to the Chamber of Mines’ annual report published in 2023.
That same year, ore exports, which account for more than half of the country’s foreign trade, earned the Ghanaian state $7.6 billion, according to the Central Bank.
The next step for the Ghanaian government is to obtain LBMA (London Bullion Market Association) certification so that it can sell locally refined gold bars on the world’s main financial markets.
Source : Le Monde