Ghana Aims to Keep More Gold in the Country

The Ghanaian government wants to bring 127 metric tons of gold from small‑scale mining into official trade each year. This move is part of new rules that aim to increase foreign‑exchange earnings and cut smuggling losses. Small‑scale miners have long sold their gold secretly, letting the country lose billions in revenue every year. The new plan will require a government board to buy at least 2. 45 tons of gold every week and create a formal channel for more than $20 billion in yearly income.The board will also handle all sales of the gold it purchases and use financial tools to protect against price swings. The central bank will buy the foreign‑exchange from these sales at a set rate, helping to keep money in Ghana. To discourage illegal trade, the board may offer higher prices and bonuses for licensed miners. The reform also includes stronger rules for protecting the environment, tracking where gold comes from, and building more local refining capacity. Large mining companies say that tightening the financial rules could slow investment, but the government believes these changes are needed to keep more gold and money in the country.