Ghana Bans Foreigners from Trading in Gold to Boost Revenue

Ghana has banned foreigners from trading in its local gold market as part of efforts to boost revenue and address illegal mining. The new law grants the state exclusive control over gold mining via the recently established Ghana Gold Board (GoldBod). Foreigners can still purchase gold, but only from GoldBod going forward. This move aims to curb the widespread “galamsey” (illegal mining) activities and strengthen the country’s economic stability, especially amidst rising gold prices. It also aims to improve Ghana’s environmental conditions, as illegal mining activities have polluted over 60% of the country’s water bodies. However, concerns persist about the law’s potential impact on revenue generation.

BBC