Ghana wants to improve the benefits of its chaotic crafts and mining (ASM).
For this reason, the largest golden product in Africa – the sixth largest gold producer in the world – is a “new matter” for gold trading.
As of April 30, no foreign company may buy and export ASM Gold. The move comes after canceling all the licenses that foreign trade companies hold. The Goldbod, a government entity created in March, will supervise all the purchase, sale and export of ASM Gold.
“Goldbod will give us better control of our golden exports and help enhance our foreign currency reserves,” said Ghana Cassel Ato Forson.
The West Africa State has long wanted to restructure and simplify ASM mining, which represents a third of its golden production, generating $ 5 billion in 2024. The sub -sector employ a million people and supports 4.5 million direct. Cutting, Ghana wandered at $ 11.6 billion of gold exports last year.
Despite its importance, chaos prevails. Illegal mining, known locally as “Galamsey”, thrives on children’s work and is responsible for the deterioration of the rapid land, the removal of forests, and health risks.
Through the centralization of trading, Ghana hopes to end a large culture of smuggling. In 2022 alone, 60 tons of gold were smuggled at $ 1.2 billion from the country.
The suppression of illegal trade is expected to increase revenues, with the effects of enhancing the effect of ripples and fixing the local currency, CEDI.
Timing looks perfect. Global dynamics, including turmoil due to US tariff ads last month, pay the demand for gold; Prices increased by 29 % this year, to $ 3500 an ounce in April. Some analysts expect prices to cross $ 4000 an ounce by the second quarter of 2026.
The new gold matter in Ghana is a shock to foreign companies, which buy most ASM gold and export to commercial companies or international refining in Switzerland, the Arab Emirates, India and other places.
To continue to work, these companies will have the source of gold through GoldBOD. This adds another layer of complications, since the new law determines the approval period from 14 to 21 days for gold acquisitions, which threaten to disrupt supply chains and reduce profits.
