Ghana prohibits foreigners from trading gold in the country starting May 1

The ban will take effect on May 1st in Ghana. Foreigners will have to leave the artisanal gold market in Africa's leading producer country. This is an announcement by the Ghana Gold Board as a public body responsible for controlling gold mining. Ghana wants to increase its gold-related revenues and reduce smuggling. This decision to exclude foreign companies from the market is the result of a policy of taking over the sector initiated by Preside…

Ghana bans foreigners from its gold trading market

Ghana has given foreign traders until May 1 to quit its gold trading market, paving the way for a new government-controlled body to have a monopoly on buying and selling the metal. The announcement comes in the same week that authorities rejected an application by one of the world's biggest gold miners, Gold Fields, to renew its mining licence.

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Countries across the world are cracking down on foreigners and Australians are warned to be on alert.

Ghana’s gold regulator orders foreign players to leave market

The NewsGhana’s new gold industry regulator ordered all foreign players to exit the local market by the end of the month as the West African country looks to curb smuggling and streamline gold trading by small-scale miners. Africa’s largest gold producer is also hoping to increase earnings further on the back of rising gold prices, up more than 23% this year as investors turn to the precious metal amid economic uncertainty driven by a global tra…

But also combat illegal mines: from the end of April, foreign companies will have to close, only the state will sell it and export it

Foreigners face gold trading ban in Ghana beginning May 1

A newly established regulatory authority for gold exports in Ghana declared on Monday that foreign buyers will no longer be permitted to purchase or trade artisanally mined gold in the nation, which is Africa's leading gold producer.