Ghanaians Rejoice As Ghana President Bans Foreign Gold Companies From Exploiting Ghana’s Gold.

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Will African countries ever be free from the resource curse? The newly elected African leaders think so and that is why they have been making significant efforts to take control of their resources. Since their arrival on the scene, the Sahel leaders have made several moves to wrest control of their resources from foreigners. But it’s not just them. The newly elected President of Ghana has also decided to take control and nationalize Ghana’s gold resources. In a move that has shocked everyone, the government of Ghana has banned foreigners from buying and selling gold mined by local artisan miners. This is a revolutionary move that reflects a similar trend in the Sahel. But why did the President of Ghana decide to make this move? And what is the reaction of the people?

On April 2nd, the President of Ghana, John Mahama signed a new law that was passed last month in the parliament. The law granted exclusive authority of gold mining in the country to a new state body, called the Ghana Gold Board. Following this law, the government notified that all foreigners including Western and Chinese investors are banned from buying and selling gold in Ghana’s gold market. This was announced by the spokesperson of Ghana’s Gold Board, Prince Kwame Minkah in a statement.

Under the law, GoldBod is now the sole buyer, seller and exporter of all gold produced by the artisanal and small-scale mining sector. However foreigners are allowed to apply to buy or off-take gold directly from the GoldBod but can no longer operate within the local gold value chain. This simply means that while these foreign companies would remain in the country, their activities would now be regulated by the government.