Ghana has announced that all foreign businesses must leave the country’s gold market by April 30. This is part of a new plan to help the country make more money from its gold and reduce illegal gold trading. Ghana is Africa’s top gold producer, and the government wants to change how gold is bought and sold.

Previously, both local and foreign companies could buy and export gold from small-scale miners. But now, a new organization called GoldBod will be in charge of all gold trading.

This means that foreign companies with gold export licenses will no longer be allowed to operate under the old rules. They must leave by the end of April, but they can apply to buy and sell gold through GoldBod if they want to continue trading.

According to Ghana’s Finance Minister, Cassiel Ato Forson, GoldBod will help the country earn more from its gold and strengthen the national currency. In 2024, Ghana’s gold exports rose by 53.2%, reaching $11.64 billion. Nearly $5 billion of that came from small-scale mining.

This change is part of Ghana’s effort to better manage its gold resources and reduce smuggling, making sure more of the gold mined in the country stays in the local economy.