{"id":251123,"date":"2025-05-21T22:01:31","date_gmt":"2025-05-21T22:01:31","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/finance\/ghana-new-rules-shake-gold-trade\/"},"modified":"2025-05-21T22:01:31","modified_gmt":"2025-05-21T22:01:31","slug":"ghana-new-rules-shake-gold-trade","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=251123","title":{"rendered":"Ghana: New Rules Shake Gold Trade"},"content":{"rendered":"


\n<\/p>\n

\n\t\t<\/p>\n

Ghana wants to optimize the benefits from its largely anarchical artisanal and small-scale mining (ASM) sector.<\/p>\n

<\/span><\/p>\n

For this reason, Africa\u2019s largest gold producer\u2014and the sixth largest in the world\u2014is ushering in a \u201cnew order\u201d for gold trading.<\/p>\n

As of April 30, no foreign company may purchase and export ASM gold. The move follows the annulment of all licenses held by foreign trading firms. The Ghana Gold Board (GoldBod), a state entity created in March, will now oversee all buying, selling, and export of ASM gold.<\/p>\n

\u201cGoldbod will give us better control over our gold exports and help shore up our foreign exchange reserves,\u201d said Ghana Finance Minister Cassiel Ato Forson.<\/p>\n

The West African nation has long wanted to restructure and streamline ASM mining, which accounts for one-third of its gold production, generating $5 billion in 2024. The subsector employs 1 million people and supports 4.5 million indirectly. Cumulatively, Ghana raked in $11.6 billion in gold exports last year.<\/p>\n

Despite its importance, chaos reigns. Illegal mining, locally known as \u201cgalamsey,\u201d thrives on child labor and is responsible for rapid land degradation, deforestation, and health risks.<\/p>\n

By centralizing trading, Ghana hopes to end a mindbogglingly large culture of smuggling. In 2022 alone, 60 tons of gold worth an estimated $1.2 billion was smuggled out of the country.<\/p>\n

Suppressing illegal trade is expected to result in increased revenues, with the ripple effect boosting reserves and stabilizing the local currency, the cedi.<\/p>\n

\n
<\/p>\n

The timing appears perfect. Global dynamics, including disruptions owing to last month\u2019s US tariff announcements, are driving demand for gold; prices have soared 29% this year, to $3,500 per ounce in April. Some analysts expect prices to cross the $4,000-per-ounce threshold by the second quarter of 2026.<\/p>\n

<\/span><\/p>\n

Ghana\u2019s new gold order is a shock to foreign firms, however, which purchase most ASM gold and export it to international trading or refining companies based in Switzerland, the United Arab Emirates, India, and elsewhere.<\/p>\n

To continue operating, these firms will have to source gold through GoldBod. This adds another layer of complication, since the new law sets a 14- to 21-day approval period for gold acquisitions, which threatens to disrupt supply chains and reduce earnings.<\/p>\n<\/div>\n<\/div><\/div>\n\n","protected":false},"excerpt":{"rendered":"

Ghana wants to optimize the benefits from its largely anarchical artisanal and small-scale mining (ASM) sector. For this reason, Africa\u2019s largest gold producer\u2014and the sixth largest in the world\u2014is ushering in a \u201cnew order\u201d for gold trading. As of April 30, no foreign company may purchase and export ASM gold. The move follows the annulment […]<\/p>\n","protected":false},"author":1,"featured_media":251124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[93],"tags":[17521,674,11149,9696,9792],"dealstore":[],"offerexpiration":[],"class_list":["post-251123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-ghana","tag-gold","tag-rules","tag-shake","tag-trade"],"yoast_head":"\nGhana: New Rules Shake Gold Trade - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=251123\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana: New Rules Shake Gold Trade - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Ghana wants to optimize the benefits from its largely anarchical artisanal and small-scale mining (ASM) sector. 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