The Ghana Gold Board (GoldBod) has announced significant changes to the assay regime governing local gold purchases, introducing stricter standards aimed at improving accuracy, transparency and consistency in the determination of gold purity.
The new compliance measures, which take effect from October 1, 2026, will require all aggregators and licensed gold buyers to adopt X-Ray Fluorescence (XRF) assay as the definitive method for establishing the purity of gold doré and determining applicable payments.
Under the directive, the widely used water density method will no longer serve as the final basis for pricing and settlement of transactions. Instead, GoldBod said the method will be used only as an indicative assessment tool for local gold purchases.
According to the regulator, XRF assay results will become the primary benchmark for determining gold purity in all transactions undertaken by GoldBod and its licensed buyers.
The move is expected to reduce discrepancies in purity assessments and strengthen confidence within the gold trading value chain.
GoldBod acknowledged that operational and logistical constraints could occasionally prevent the use of XRF technology. In such instances, or where both buyer and seller voluntarily agree to use the water density method, the regulator has directed that the gold be purchased at a 0.7 percent purity discount on the purity level determined through the water density assessment.
Industry observers say the provision is intended to encourage wider deployment of XRF equipment while creating safeguards against potential inaccuracies associated with traditional testing methods.
The compliance notice also introduces a mandatory purity deviation threshold for licensed buyers.
GoldBod stated that when comparing successive XRF assay reports for the same gold or transaction, the permissible differential must remain within ±0.1 percentage points.
Any variation beyond this range will require further verification before the transaction can be completed or reported to the regulator.
The measure is aimed at improving quality assurance and ensuring greater consistency in assay reporting across the industry.
GoldBod’s Compliance Directorate said all aggregators and licensed buyers must ensure full operational readiness before the implementation date.
The notice further stated that non-compliance will constitute a breach of licence conditions and may attract regulatory sanctions under the Ghana Gold Board Act, 2025 (Act 1140).
The regulator noted that the directive forms part of the conditions governing licences issued to aggregators and licensed gold buyers, making compliance mandatory across the sector.
The latest reforms form part of broader efforts by GoldBod to strengthen oversight of Ghana’s gold purchasing ecosystem, improve valuation accuracy and enhance confidence in transactions conducted under the country’s formal gold trading framework.
Source: businesspostonline
