Ghana Bans Foreigners from Gold Trading to Boost Revenue

Ghana's New Gold Trading Policy

• 🇬🇭 Ghana's new government, taking office in January 2025, is implementing measures to increase earnings from gold exports.
• 🏦 A state-run entity, the gold board, has been established and is now the sole legal body authorized to buy and sell gold.

Impact on Mining Firms

• 🚫 All mining firm leases have been canceled, with exceptions only for major mining companies.
• 📉 Goldfields, a large multinational mining company, experienced a 30% stock price drop after its bid to renew a 30-year concession lease was rejected.
• ⚠️ Goldfields stated it might be forced to shut down the affected mine by the end of the week.

Gold Export Growth

• 📈 Ghana's gold exports saw a significant increase of over 50% in 2024, reaching more than 11 billion dollars.
• 💰 Approximately half of this export revenue was generated from small-scale miners.