The Ghana Gold Board (GoldBod) has announced a sweeping new directive requiring all gold doré purchased by Self-Financing Aggregators (SFAs) under arrangements with approved offtakers to be refined locally before export, in a move aimed at deepening value addition within the country’s gold industry.
The directive, issued by GoldBod’s Compliance Directorate on August 24, 2026, will take effect from September 1, 2026, and forms part of the implementation of the Ghana Gold Board Act, 2025 (Act 1140).
Under the new policy, no gold doré will be permitted to leave the country in its unrefined state. GoldBod said all export requests will only be considered after local refining has been completed at an approved refinery and all related charges and regulatory requirements have been satisfied.
The move is expected to strengthen Ghana’s ambition to capture greater value from its gold resources by expanding domestic refining activities and creating additional opportunities within the local mining value chain.
According to the notice, every SFA must ensure that gold purchased under any commercial arrangement with an approved offtaker is refined in Ghana prior to export.
Furthermore, all existing offtake agreements must be amended by August 31, 2026, to incorporate the new local refining requirement.
GoldBod noted that no export application for gold doré would receive approval unless the gold had first undergone refining within the country.
The regulator also stated that all refining must be undertaken at facilities approved or designated by GoldBod in line with applicable regulatory standards.
“The GoldBod reserves the right to determine the refinery at which any gold shall be refined and to issue additional operational directives governing the refining process,” the notice said.
Industry observers say the provision could enhance oversight and traceability across Ghana’s gold export chain while ensuring compliance with international refining and regulatory standards.
GoldBod clarified that the cost of refining would be borne by either the Self-Financing Aggregator or the approved offtaker, depending on the terms of their commercial arrangements.
The charges must be settled before the refined gold is exported, the regulator added.
Beginning September 1, GoldBod will process export requests only after confirming that:
- The gold has been refined in Ghana;
- Refining charges have been fully paid or otherwise settled;
- All assay, regulatory and export requirements have been met; and
- All other export conditions have been fulfilled.
The regulator indicated that the directive should be read together with its guidelines on the onboarding of offtakers and the conduct of transactions with offtakers issued on July 13, 2026.
GoldBod warned that failure to comply with the new requirement would constitute a breach of licence conditions for Self-Financing Aggregators.
Possible sanctions include refusal or suspension of export approvals, suspension or revocation of licences, administrative penalties and other enforcement actions permitted under Act 1140 and related regulations.
Source: businesspostonline
