Ghana orders foreigners to exit gold market

Ghana has ordered foreigners to exit its gold trading market by the end of the month, a new government body said on Monday, as the West African country looks to streamline gold purchases from small-scale miners, increase earnings and reduce smuggling

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.

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