Ghana restricts foreign gold trade to boost economic revenue

Ghana has implemented a ban on foreign nationals from participating in its local gold trading market as part of measures to enhance national revenue. This decision follows the passage of a new law that was enacted earlier this month, empowering the newly established Ghana Gold Board (GoldBod) with exclusive rights over gold mining within the country. The spokesperson for GoldBod, Prince Kwame Minkah, announced that foreign traders are required to exit the local gold market by April 30, 2025, reflecting the government's strategy to regulate the sector more effectively. Despite being the largest gold producer in Africa and ranked sixth globally, Ghana faces challenges related to rampant illegal mining, known locally as