The Ghana Gold Board (GoldBod) has issued a comprehensive directive mandating that all Self-Financing Aggregators (SFAs) to locally refine all gold doré before its export from Ghana becomes compulsory. This directive, formally communicated on August 24, 2026, and effective September 1, 2026, signifies a significant shift in the regulatory landscape for gold trading in Ghana, impacting the entire supply chain.
According to the compliance notice, GoldBod’s mandate, detailed in the Ghana Gold Board Act, 2025 (Act 1140), empowers the Board to oversee the purchase, sale, refining, value addition, and export of gold within the country. The directive’s core principle is to ensure that all gold doré destined for international markets undergoes a local refining process.
The new rule explicitly prohibits SFAs from exporting unrefined gold doré. Consequently, all commercial arrangements between SFAs and approved offtakers must now incorporate a rigorous requirement for the gold to be refined in Ghana before export. This necessitates a comprehensive process of refining by a designated refinery, approved or designated by GoldBod, adhering to relevant regulatory standards.
GoldBod emphasized that the refining process must be conducted within a refinery authorized or designated by GoldBod, and in full compliance with applicable regulatory requirements. The Board reserves the right to determine which refinery handles specific consignments, and to issue further operational guidelines for the refining process itself. The cost of refining will be borne by either the SFA or its approved offtaker, contingent on the terms of their agreed-upon commercial arrangement.
Specifically, GoldBod stipulates that all applicable refining charges must be settled prior to the refined gold’s export. The directive also requires SFAs to review their existing arrangements with approved offtakers and amend all current offtake agreements by August 31, 2026, to reflect this mandatory local refinement requirement. Failure to comply with this directive will result in significant consequences, including the potential for export approvals to be refused or suspended, and the imposition of substantial administrative penalties and other enforcement measures as outlined within the Ghana Gold Board Act and relevant regulations.
GoldBod warned that exporting or attempting to export unrefined gold doré constitutes a clear breach of an SFA’s licence. Operators who fail to comply with this directive face potential regulatory sanctions, including refusal or suspension of export approvals, revocation of licenses, and administrative penalties. The latest directive is a key component of GoldBod’s broader strategy to tighten regulations and increase the value retained within the Ghanaian economy by ensuring that gold undergoes local refining and value addition prior to export.
The full statement outlining this directive and its implications can be found at [Insert Link to Official Statement Here].
According to reports, the refining process will be closely monitored by GoldBod, and the Board intends to request evidence of the amendments to existing agreements as needed, ensuring full compliance with the new regulatory requirements. The implementation of this directive is anticipated to have a substantial impact on the gold trade landscape in Ghana, bolstering the domestic gold economy and strengthening the country’s control over its precious metal resources.
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Source: Adom Online
