The Ghana Gold Board (GoldBod) has cracked down on unrefined gold exports, directing all Self-Financing Aggregators (SFAs) to refine gold doré locally before it can be exported. This new directive, effective September 1, 2026, is aimed at deepening value addition in Ghana's gold industry.
GoldBod Tightens Grip on Gold Exports
The directive, contained in a compliance notice dated August 24, 2026, applies to all SFAs and their approved offtakers. Under the new requirement, SFAs will no longer be permitted to export gold doré in its unrefined form. Every offtake agreement or commercial arrangement between an SFA and an approved offtaker must expressly provide for the gold to be refined in Ghana before export.
GoldBod's move is part of its mandate under the Ghana Gold Board Act, 2025 (Act 1140) to regulate the purchase, sale, refining, value addition, and export of gold in the country. The Board has also reserved the right to determine the refinery to be used for particular gold consignments and to issue additional operational directives governing the refining process.
Refining Requirements and Consequences
The cost of refining will be borne by either the SFA or the approved offtaker, depending on their commercial arrangement. The applicable refining charges must be paid or otherwise settled before the refined gold is exported. Existing contracts must be amended by August 31, 2026, to incorporate the mandatory local refining requirement. GoldBod said it may request evidence of such amendments at any time.
Exporting or attempting to export unrefined gold doré will constitute a breach of the conditions of an SFA license. Non-compliant operators could face regulatory sanctions, including refusal or suspension of export approvals, suspension or revocation of licenses, administrative sanctions, and other enforcement measures permitted under the Ghana Gold Board Act, applicable regulations, and GoldBod directives.
What's Next for Ghana's Gold Trade
The latest directive represents a further step by GoldBod to strengthen regulation of Ghana's gold trade and ensure that more value is retained within the domestic economy through refining and value addition before gold leaves the country. From September 1, GoldBod will only process export requests after confirming that the gold has been refined in Ghana, the applicable refining charges have been settled, and all assay, regulatory, and export requirements have been met.
Source: Joy Online
