As part of the reforms, all foreign entities involved in the local gold trade have been instructed to exit the market by April 30, 2025, or risk facing legal consequences.

This move forms part of a broader initiative aimed at reclaiming control over the country’s gold sector, boosting national revenues, and curbing illicit trading practices.

A Strategic Shift: Enter the Gold Board (GoldBod)

At the centre of the restructure is the launch of the Gold Board (GoldBod), a newly established regulatory body that will act as the sole authority responsible for purchasing, assaying, exporting, and overseeing gold sourced from small-scale and artisanal miners.

Under this directive:

• Foreign buyers and traders must cease direct dealings with local gold producers.
• Any entity seeking to buy or export gold from Ghana must now apply through GoldBod.
• The board will standardise pricing, documentation, and compliance protocols.

This effectively centralises all transactions and removes private intermediaries and foreign operators from Ghana's domestic gold market—an industry long criticised for its lack of transparency.

Why the Change?

Ghana, Africa’s top gold producer in recent years, loses an estimated $5 billion annually through smuggling and under-reported exports. The government has cited the following drivers for the market reform:

• Revenue protection: Ensuring the state captures maximum value from gold production.
• Currency stabilisation: Bolstering foreign exchange reserves and reducing pressure on the cedi.
• Regulatory control: Minimising the environmental, social, and financial risks associated with illegal and unregulated mining operations.

The overhaul is also intended to formalise artisanal mining operations, which represent a significant share of Ghana’s gold output but often operate in legal grey areas.

Implications for International Traders

For global gold traders and brokers, this restructure presents both challenges and opportunities:

• Restricted Access: Traditional trading routes through Ghana are now effectively closed to foreign buyers unless approved by GoldBod.
• New Procedures: All future transactions must comply with state-mandated processes, pricing structures, and documentation requirements.
• Increased Transparency: While limiting direct market access, the new framework may reduce reputational and legal risks for compliant traders.

Auctora's Perspective

At Auctora Trade Group, we see Ghana’s market shift as a pivotal development that reflects a wider global trend toward greater state oversight of resource-based industries. For our clients operating in precious metals, understanding the local legal frameworks and adapting quickly is essential.

We are actively engaging with vetted local partners and monitoring GoldBod's rollout to continue facilitating compliant, high-integrity gold trades within and beyond West Africa. As access tightens, having a trusted intermediary with local insight becomes increasingly vital.