Ghana wants to optimize the advantages of its artisanal mining sector and largely anarchic (ASM).
For this reason, the largest gold producer in Africa – and the sixth in the world – inaugurates a “new order” of gold trading.
As of April 30, no foreign company can buy and export ASM Gold. This decision follows the cancellation of all the licenses held by foreign negotiation companies. Ghana Gold Board (Goldbod), a state entity created in March, will now supervise all purchases, sale and export of ASM Gold.
“Goldbod will give us better control over our gold exports and will help consolidate our exchange reserves,” said Ghana Finance Cassiel Ato Forson.
The West African nation has long wanted to restructure and rationalize ASM Mining, which represents a third of its gold production, generating $ 5 billion in 2024. The sub-sector employs 1 million people and indirectly supports 4.5 million. Cumulatively, Ghana collected $ 11.6 billion in gold exports last year.
Despite its importance, chaos reigns. The illegal mining, known locally as “Galamsey”, prosperous on child labor and is responsible for rapid degradation of land, deforestation and health risks.
By centralizing trade, Ghana hopes to end a culture of the smuggling of the mind. Just in 2022, 60 tonnes of gold of an estimated value of $ 1.2 billion was introduced in smuggling in the country.
The abolition of illegal trade should lead to an increase in income, the training effect stimulating reserves and stabilizing the local currency, the CEDI.
The timing seems perfect. Global dynamics, including disturbances due to American pricing announcements last month, stimulates the gold demand; Prices climbed 29% this year, at $ 3,500 OCE in April. Some analysts expect prices crossing the threshold of $ 4,000 per OCE in the second quarter of 2026.
The new Ghana gold order is a shock for foreign companies, which buy the most gold ASM and export it to international trade or refining companies based in Switzerland, to the United Arab Emirates, in India and elsewhere.
To continue to operate, these companies will have to get a source of gold via Goldbod. This adds another layer of complications, as the new law establishes an approval period of 14 to 21 days for gold acquisitions, which threatens to disturb the supply chains and reduce profits.