Ghana, Africa's largest producer of gold, announced on Monday that it will ban foreigners from entering its gold market. This is an aspect of a comprehensive reform aimed at increasing foreign exchange reserves and stabilizing the local currency. According to Agence France-Presse, the ban will come into effect on May 1 and grant the state-owned agency the Ghana Gold Commission the privilege of supervising and controlling artisanal and small-scale gold mining. These gold mines feed 1 million people and provide more than one-third of the West African country's gold production. “All foreigners are hereby notified that they must leave the local gold market before April 30,” Prince Kwame Minkah, a spokesperson for the Ghana Gold Commission, said in a statement. Ghanaian President John Mahama promised during the election campaign to combat illegal mining, which caused loss of national revenue and environmental damage.

Ghana, Africa's largest producer of gold, announced on Monday that it will ban foreigners from entering its gold market. This is an aspect of a comprehensive reform aimed at increasing foreign exchange reserves and stabilizing the local currency. According to Agence France-Presse, the ban will come into effect on May 1 and grant the state-owned agency the Ghana Gold Commission the privilege of supervising and controlling artisanal and small-scale gold mining. These gold mines feed 1 million people and provide more than one-third of the West African country's gold production. “All foreigners are hereby notified that they must leave the local gold market before April 30,” Prince Kwame Minkah, a spokesperson for the Ghana Gold Commission, said in a statement. Ghanaian President John Mahama promised during the election campaign to combat illegal mining, which caused loss of national revenue and environmental damage.