Ghana has announced new measures to regulate the local gold market, in a move aimed at enhancing national returns and reducing smuggling.
Where the government issued an order to exit foreign companies from the local gold market by the end of this month, within the framework of a policy aimed at enhancing the benefit of local golden resources and the stability of the national currency.
Under the new system, the newly created gold council became the only party authorized to buy, sell, analyze and export gold resulting from literal mining.
The old licenses that were granted to local and foreign companies were also canceled, and foreigners were required to leave the local market by April 30.
However, foreigners will be able to apply for special permits to buy gold directly from the council.
Ghana’s gold exports have witnessed significant growth in recent years, as it recorded an increase of 53.2% in 2024, which contributed to raising its gold revenues to 11.64 billion dollars, of which about 5 billion dollars of small craft mining.
Ghana officials hope that this step will contribute to enhancing economic gains, especially in light of the high global gold prices, which recently exceeded $ 3,200 an ounce.
Meanwhile, Gold Fields, one of the largest mining companies in Ghana, announced that it would reduce its operations in the Damang mine after the government refused to extend the lease contract.
Under this decision, the mine will be closed on April 18, 2025, in a move aimed at focusing on more profitable projects such as the Salaris Norte mine in Chile and the Windsvol project in Canada.
The company had stopped extracting gold from the mine in 2023, and was satisfied with treating the remaining stocks.
The Damang mine, which is the smallest gold mining of Gold Fields in Ghana after the Tarco mine, has produced about 135 thousand ounces of gold in 2024, or about 6% of the company’s total production of 2.15 million ounces.
These transformations in the mining sector in Ghana, whether through government policies or the decisions of major companies such as Gold Fields, show the new trend towards organizing and developing the gold market in a way that benefits the local economy and contributes to the stability of the national currency, according to the authorities.
In light of these developments, Ghana is expected to witness fundamental changes in how she deals with the gold sector, with a focus on reducing smuggling and achieving greater benefit from these vital resources.
