The Ghana Gold Board has declared war on foreigners in the country’s gold market, effective Wednesday, April 30, 2025. Enforcement of this directive however takes effect from Thursday, May 1, 2025, and any individual who violates this law will be arrested and prosecuted for committing a criminal offense.
According to the Gold Board (Goldbod), the directive forms part of comprehensive reforms aimed at strengthening regulation and oversight of gold trade in the country.
Additionally, foreigners are prohibited from directly trading in gold. Those who wish to remain in the gold business must apply as foreign participants, allowing Goldbod to purchase the gold on their behalf. Foreigners may also operate as partners or off-takers.
Speaking at a press conference in Accra on Wednesday, April 30, 2025, the Acting Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, stated: “We indicated in our press release dated April 14, 2025, that all foreigners have until April 30, 2025, which happens to be today, to exit the market.”
“This is because we intend to enforce the Ghana Gold Board Act starting tomorrow. What this simply means is that if you are a foreigner and you are found buying gold in the local market tomorrow, selling gold, or engaging in any gold-related activity, you will be committing an offense,” he said.
He continued, “You will be arrested and prosecuted in accordance with the law. That is why we thought it necessary not only to issue a press release but to hold this press briefing, so no one can claim ignorance. While ignorance of the law is no excuse, we do not take pleasure in arresting, detaining, or prosecuting anyone, which is why we want to give everyone the benefit of the doubt.”
“Starting tomorrow, it will be a punishable criminal offense for any foreigner to buy or sell gold in the local gold trading sector,” he added.
Parliament passed the Ghana Gold Board Bill, 2025, into law on Friday, March 28, 2025. Under the new law, the Ghana Gold Board is responsible for overseeing, monitoring, and managing the buying, selling, and export of gold and other precious minerals.
He reiterated that direct buying and selling of gold on the market is prohibited under the Ghana Goldbod Act. However, foreigners may apply to Goldbod to purchase gold from Ghana through the organization. Foreigners are also permitted to act as off-takers.
He concluded by stating that foreigners should buy gold through Goldbod, which will then export the gold to their country or a location of their choice.
He has, however, extended the deadline for Ghanaian gold dealers with the now-defunct Precious Minerals Marketing Company to May 21, 2025.
Source: Ghana/StarrFM103.5FM/Benjamin Sackey
