Nkonkonsa Celebrity Gossip From Africa
Ghana has announced that all foreigners must exit its gold trading market by the end of this month.
This decision, made by a new government body, aims to simplify gold transactions from small-scale miners, boost earnings, and curb illegal gold sales.
As Africa’s top gold producer, Ghana is moving away from a system where local and foreign companies with special licenses could purchase and export gold from small-scale miners.
Now, only the newly formed GoldBod is authorized to buy, sell, and export gold from these miners, as old licenses are no longer valid.
Foreign traders in the local market must leave by April 30, but have the option to apply to buy or take gold directly from GoldBod.
In January, Finance Minister Cassiel Ato Forson highlighted that the establishment of GoldBod would enable Ghana to gain more from gold sales, helping to maintain national currency stability.
In 2024, Ghana’s gold exports rose by 53.2%, reaching $11.64 billion, with nearly $5 billion from legal small-scale miners.
Recently, gold prices surged above $3,200 per ounce for the first time, driven by the ongoing trade war between the United States and China, which has unsettled global markets.
Consequently, investors are turning to gold, a traditional safe haven during times of political and economic uncertainty.
NKONKONSA.com
