Ghana orders foreigners to exit gold market by April 30
Africa's leading gold producer is shifting away from a system in which local and foreign companies with export licenses can buy and export gold from artisanal or small-scale mining.
Under the new system, the newly created gold board known as GoldBod is the only entity allowed to buy, sell, assay and export artisanal gold, Monday's statement said, and older licenses have ceased to be valid.
Foreigners must leave the local gold trading market by April 30 although they can apply "to buy or take-off gold directly from the GoldBod," the statement said.
Finance minister Cassiel Ato Forson said in January that the creation of GoldBod would allow Ghana to benefit more from gold sales while maintaining the national currency's stability.
Ghana's gold exports grew by 53.2% in 2024 to $11.64 billion, of which nearly $5 billion was from legal small-scale miners.
Gold prices vaulted on Friday over the $3,200-per ounce mark for the first time.
The trade war between the United States and China has rattled global markets and driven investors into gold, which is traditionally viewed as a hedge against geopolitical and economic uncertainty. (Reporting by Christian Akorlie; Writing by Anait Miridzhanian; Editing by Robbie Corey-Boulet and Tomasz Janowski)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
4 days ago
- Zawya
New Ghana mining laws to shorten licence periods, boost community investment
ACCRA - Ghana plans to shorten mining licence durations and mandate direct revenue-sharing with local communities in its most sweeping mining law reforms in nearly two decades, details of which were announced by a government minister on Wednesday. The planned overhaul reflects a broader trend across West Africa, where governments are rewriting mining codes to capture more value from rising commodity prices. Ghanaian Lands and Natural Resources Minister Emmanuel Armah Kofi Buah said the changes, which include scrapping automatic renewal of some licences - will apply only to future contracts, a departure from the stance in Mali and Burkina Faso where military-led governments have applied reforms retroactively, 'In Ghana, we don't do retrospective laws,' Buah said at a presentation in the capital, Accra. 'Existing agreements are sanctified and will be respected.' He added that the overhaul of the Minerals and Mining Act and mining policy was 85% complete following extensive stakeholder consultations. DEVELOPMENT REQUIREMENT Ghana, Africa's top gold producer, expects output to rise to 5.1 million ounces this year. Major miners in the country include Newmont, Gold Fields, AngloGold Ashanti , Zijin, Asante Gold, and Perseus . It also exports bauxite and manganese with plans to start lithium production. Under the proposed law changes, prospecting licences would no longer be held indefinitely, and the maximum term for mining leases would be reduced from 30 years to a shorter period agreed by the government and firms. Companies failing to meet environmental, social or production obligations would lose the right to automatic licence renewal. In a major shift, the government plans to abolish development agreements, in which companies send money to the central government. Instead, companies will be required to sign agreements committing a fixed percentage of gross mineral sales revenue to fund local development projects as the government seeks to address long-standing grievances from communities that they have seen little benefit from mining operations. The reforms also propose a three-tier mineral rights regime, introducing a new medium-scale licence category to bridge the gap between large multinational operators and small-scale artisanal miners. Another key change under consideration is the reduction or abolition of stability agreements, which currently offer up to 15 years of tax and regulatory protection to large investors. Future agreements would be limited to capital recovery periods for major investments. (Reporting by Emmanuel Bruce and Christian Akorlie; Editing by Maxwell Akalaare Adombila, Robbie Corey-Boulet and Emelia Sithole-Matarise)
Zawya
5 days ago
- Zawya
Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) ministerial committee endorses membership of Sahel countries as non-Economic Community of West African States (ECOWAS) members
The 2nd Extraordinary Meeting of the GIABA Ministerial Committee (GMC) concluded in Accra, Ghana on the 19th of July, 2025, with a decision to allow the three Sahel countries that have withdrawn from the Economic Community of West African States (ECOWAS) to join the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) as Non-ECOWAS Members. The Ministers present at the high-level meeting unanimously considered the importance of dealing with insecurity in the region in a collaborative manner. The decision will be transmitted to the ECOWAS Council of Ministers and the Authority of Heads of State and Government for consideration. During the session,Nigeria's Minister of Justice handed over the chairmanship of the GMC to the Minister of Finance of Sierra Leone, who assumes the role as the new Chair of the Committee. The meeting was officially declared open by the Vice President of the Republic of Ghana, Professor Jane Naana Opoku-Agyemang. Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).
Tourism Breaking News
18-07-2025
- Tourism Breaking News
Visit Qatar, discover Qatar and Qatar Airways lead joint roadshow in Nigeria to boost leisure tourism to Doha
Post Views: 37 The initiative brought together 120 key business partners and travel professionals at a major event in Lagos, attended by more than 100 guests, followed by an exclusive Business Networking luncheon in Abuja, which hosted 20 senior tourism stakeholders. These events aim to highlight Qatar's unique tourism potential, enhance opportunities for business-to-business collaboration, and establish Qatar as a preferred leisure tourism destination in the region. Through these activities, Visit Qatar and its partners seek to identify collaborations with partner tour operators and travel companies, promote Qatar's key tourist attractions, hospitality infrastructure, and stopover packages, and connect travel agents from Nigeria with destination management companies, hotels and suppliers in Qatar, paving the way for fruitful future collaboration. By highlighting Qatar's global experiences and accessibility across Qatar Airways' extensive network, the roadshow underscores Qatar's commitment to enhancing the tourism potential of the Nigerian market and strengthening trade ties with the West African region.
