Accra, Ghana – April 20, 2025 — In a bold move to reshape its gold industry and clamp down on illegal mining, the Republic of Ghana has announced sweeping reforms to its small-scale gold sector. Effective April 30, 2025, all foreign companies involved in the trade of small-scale gold must exit the market. Only state-affiliated bodies will now be authorized to operate in this lucrative sector.

Under the new regulations, a government agency known as GoldBod will hold exclusive rights to buy, sell, and export gold mined by small-scale operators. All previously issued gold export licenses have been rendered invalid, signaling a major policy shift. From this point forward, foreign firms interested in Ghana’s small-scale gold must transact solely through a newly created state entity: the Ghana Gold Board.

According to government officials, the decision is aimed at curbing the surge in illegal mining activities—commonly referred to as “galamsey”—and boosting national revenue from gold, one of the country’s most vital exports. Ghana is Africa’s top gold producer, and small-scale mining contributes significantly to the overall output, yet a large portion of it has historically gone unregulated.

“We are taking back control of our resources,” said an official statement from Ghana’s Ministry of Lands and Natural Resources. “This new framework ensures that gold generated by small-scale miners benefits the Ghanaian people first and foremost. It’s a move toward sovereignty, sustainability, and economic justice.”

Foreign investors can still participate in Ghana’s gold economy—but now only through official, centralized channels. The government emphasized that GoldBod and the Ghana Gold Board will ensure transparency, fair pricing for miners, and full accountability in trade.

Pan-African economic observers say the reform reflects a growing trend on the continent, where nations are seeking to assert greater control over natural resources, reduce exploitation, and develop stronger internal value chains. Ghana’s action may set a precedent for other resource-rich African nations grappling with similar challenges.

Critics, however, caution that effective implementation will be key. Ensuring that small-scale miners are supported through the transition and that corruption does not infiltrate the new system will be critical to its success.

As the deadline approaches, stakeholders across Ghana’s mining sector—both domestic and foreign—are preparing for what could be one of the most significant gold policy shifts in the country’s modern history.