Gold has stabilized around $3,747 per ounce after rebounding from recent lows near $3,717, following a healthy correction from record highs that pushed the precious metal toward $3,790 in late September, according to market analysis from XS.com. Read more “Gold Rebounds After Correction Near Record High”
Ghana bans foreigners from trading in its gold market to boost revenue
Ghana has banned all foreigners from trading in its local gold market as part of efforts to boost national revenue and streamline the country’s mining sector.
It follows the enactment of a new law earlier this month that grants exclusive authority of gold mining to a new state body, the Ghana Gold Board (GoldBod).
“All foreigners are hereby notified to exit the local gold trading market not later than 30th April, 2025,” said GoldBod spokesperson Prince Kwame Minkah in a statement.
Ghana is Africa’s largest gold producer and the sixth largest in the world, but it is struggling to address widespread illegal gold mining, locally called “galamsey”.
Read more “Ghana bans foreigners from trading in its gold market to boost revenue”
Ghana Sees $12 Billion a Year From Small-Scale Gold Mining
Ghana expects to rake in $12 billion a year from small-scale gold production if output doubles as planned.
Gold exports from the country have surged as international prices have soared, and much of that expansion is down to small-mine and artisanal production. The government this year set up a regulator Read more “Ghana Sees $12 Billion a Year From Small-Scale Gold Mining”