Investing.com -- Ghana, the leading gold producer in Africa, has instructed foreigners to leave its gold trading market by the end of April. The West African nation is making this move in an effort to streamline gold purchases from small-scale miners, increase earnings, and curb smuggling, according to a statement released on Monday by a new government body.

The country is moving away from a system where local and foreign companies with export licenses could buy and export gold from artisanal or small-scale miners. Instead, a newly established gold board, known as GoldBod, will be the sole entity authorized to buy, sell, assay, and export artisanal gold.

The statement clarified that the older licenses are no longer valid under the new system. However, foreigners are allowed to apply to purchase or take-off gold directly from GoldBod after their exit from the local gold trading market by April 30.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.