Ghana Suspends Evannex Gold Enterprise License Over Pricing Violations

AFRICAN BUSINESS AND ECONOMYAugust 28, 2025 at 2:08 PM UTC

TLDR

The Ghana Gold Board (GoldBod), the state regulator for gold trading, has suspended the license of Evannex Gold Enterprise, a Tier 2 licensed gold buyer
The suspension, announced on August 28, bars the company from operating in the gold market until further notice.
The decision is part of GoldBod’s strategy to enforce discipline and transparency in the gold industry, one of Ghana’s most critical economic sectors

The Ghana Gold Board (GoldBod), the state regulator for gold trading, has suspended the license of Evannex Gold Enterprise, a Tier 2 licensed gold buyer, after uncovering illegal pricing practices. The suspension, announced on August 28, bars the company from operating in the gold market until further notice.

GoldBod said Evannex engaged in transactions that breached Ghana’s gold market regulations, a serious violation of its license. The regulator warned all licensed traders, miners, and the public to refrain from doing business with the company.

The decision is part of GoldBod’s strategy to enforce discipline and transparency in the gold industry, one of Ghana’s most critical economic sectors. “GoldBod remains committed to enforcing the laws and regulations governing the gold trade,” the agency said, adding that Ghana’s credibility in global markets depends on strong domestic oversight.

Ghana is the largest gold producer in Africa and the world’s sixth-largest, with production of 140.6 tonnes in 2024, according to the World Gold Council. Gold accounts for a significant share of the country’s export revenue.

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Key Takeaways

Ghana’s suspension of Evannex Gold Enterprise highlights the regulatory challenges of managing one of the country’s most important industries. While gold drives a large portion of export earnings, the sector faces persistent risks, including smuggling, underreporting of sales, and illegal price-fixing. Authorities are under pressure to demonstrate stronger governance as international buyers scrutinize supply chains for compliance and ethical sourcing. The move comes as Ghana consolidates its position as the world’s sixth-largest gold producer, surpassing Indonesia. With output rising to 140.6 tonnes in 2024, the country is also seeking to capture more value from its resources by tightening control over local trade and ensuring greater accountability among licensed operators. By suspending Evannex, regulators are sending a signal that breaches of pricing rules will not be tolerated, reinforcing efforts to protect state revenues and maintain Ghana’s credibility in global markets where trust in governance is crucial for investor confidence.

Ghana

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Economy

Gold

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