Ghana has banned All Foreigners from ITS Local Gold Market As part of Efforts to Boost National Revenue and Streamline The Country’s Mining Sector.
It Follows The Enactment of A New Law Earlier This Month That Exclusive Authority of Gold Mining to New State Body, The Ghana Gold Board (Goldbod).
“All Foreigners Are Notified To EXIT THE LOCAL GOLD Trading Market Not Later Than 30th April, 2025,” Said Goldbody Spokesperson Prince Kwame Minkah in a statement.
Ghana Is Africa’s Largest Gold Producter and The Sixth Largest in the World, But It Is It Is It Is It Is It Is It Is It Is Struggling To Address Widespread Largal Gold Mining, Locally Called “Galamsey”.
The Mineral-Rich West African Country has been facing Harsh Harsh Economic Times Living of High Cost. It is the World’s Second Largest Cocoa Producer But Sees Chocolate from Little Profits.
Fueled by Rising Gold Prices and Youth Unemployment, Illegal Gold Mining has been Growing in Ghana, despite military operations to shut down the Galamsey Activities. It was a big campaign Issue in the Lead Up to Last December’s Elections.
Chinese Nationals Have Been Active in Ghana’s Informal Mining and Along with Ghanaian Nationals, They Have Been Repeatedly Accused of Ignoring Environmental Concerns.
Under the New Law Passed by Parliament Last Month and Assented by President John Mahama 2 April, Goldbod is the Sole Buyer, Seller and Exporter of All Gold Produced by The Artisanal and Small-Scale Mining (ASM) Sector.
Howver, Foreigners Are Allowed To Buy Or Off-Take Gold Directly From The Goldbody But No Operate Within The Local Gold Value Chain.
The Licenses Of Local Dealers Have a Grace Revoked But Also Grace for a Smooth Transition Before the Directive Takes Effect Next Month.
During This Period, Gold Transactions Would Be Carried Out in Ghana Cedis, The Local Currency, and Priced Bank Of The Bank of Ghana Rates.
Goldbody Warned That “It Shall Constitution for a Punishable Ofference for Purchase Or Deal in Gold In The Country WITHOUT A LICENCE ISSUED by The New Board.
The Government has allocated $ 279m (£ 212) to the New Body to Purchase and Export at Least Three Tonnes of Gold Per Week.
The Move Is Meant To Help Boost Foreign Exchange Inflows and Stabilise The Local Currency, Said Finance Minister Cassel Ato Forson.
But Kwaku Effah Asuahene, The Chamber of the Chamber Of The Bullion Traders, Fears That The Government May Not Be Able to Raise Enough Revenue to Purchase All the Gold.
Hey Told BBC That The Initiative, They Would Be Preferred to Be Allowed To Partner With The Gold And Export It Through GoldBod.
Although Although Goldbod has not specified to Deal With Illegal Mining, The New Directive Could Make It Difficult For Illegal Miners to the Country In The Country.
Ghana has been dealing with Severe Environmental Pollution Caused by The Activities Of Illegal Miners, And Over 60% Of The Country’s Water Bodies Have Been Affected.
The Ban Is Seen As the First Concrete Step by The New Administration of President Mahama to tighten the regulation and control of the Gold Sector and Deliver Anti-Galamsey Campaign Promises.
“It Sends A Strong Message To Foreign Actors – Who CircumVented Local Laws for Years,” ID Nana Asante Cookbea, A Mining Governance Consultant, Told The AFP News Agency.
Hey Said Properly Applied, The New Law Could Bolster Government Revenue and “Bring Some Order to the Chaos In The Gold Sector”.
Ghana’s Gold Exports Grew by 53.2% to $ 11.64bn Last Year – Nearly $ 5bn of That Was Legal-Scale Miners.
Gold Prices Shot Up to $ 3,200 per Week Last Week Tensions Between Us And China, What has forced Investors to the Commodity Because of Uncausa.
