Ghana’s gold sector is set for a major policy shift as the Ghana Gold Board (GoldBod) introduces a mandatory local refining requirement for gold doré before export.
The Ghana Gold Board (GoldBod) has directed all Self-Financing Aggregators (SFAs) to ensure that gold doré purchased under arrangements with approved offtakers is refined in Ghana before it can be exported.
The directive takes effect on September 1, 2026, effectively preventing the export of unrefined artisanal gold doré under the affected arrangements.
Gold must be refined locally before export
Under the new directive, SFAs will be required to send gold doré to a refinery approved or designated by GoldBod before seeking export approval.
GoldBod says export applications will only be considered after the gold has been refined locally and all applicable refining charges have been settled.
The directive applies to gold purchased under arrangements involving approved offtakers, with the cost of refining to be borne by the SFA or its approved offtaker, depending on their commercial agreement.
GoldBod has also instructed SFAs to amend their existing offtake agreements to include the mandatory local-refining requirement by August 31, 2026, a day before the new policy takes effect.
GoldBod outlines export conditions
Before approving an export request, GoldBod says it will verify that the gold has been refined locally, the relevant refining costs have been paid or settled, and all assay, regulatory and export requirements have been satisfied.
The Board has warned that attempting to export unrefined gold in violation of the directive will constitute a breach of the conditions attached to an SFA licence.
Possible sanctions include the refusal or suspension of export approvals, suspension or revocation of licences, administrative sanctions and other enforcement measures permitted under the Ghana Gold Board Act, 2025 (Act 1140).
Move aimed at increasing local value addition
The policy forms part of Ghana’s broader effort to retain more economic value from its gold resources by increasing domestic processing and refining.
Rather than exporting gold in a semi-refined form and leaving further processing and value creation to overseas refineries, the new requirement is expected to encourage more gold refining activities within Ghana.
Ghana is Africa’s largest gold producer, and the country has increasingly sought to strengthen control over its artisanal and small-scale gold sector, improve traceability and maximise foreign-exchange earnings from the mineral.
The new directive therefore represents another significant step in GoldBod’s efforts to tighten regulation of Ghana’s gold supply chain.
What the new directive means
From September 1, SFAs operating under the affected arrangements will no longer be able to export gold doré in its unrefined form.
The gold must first undergo local refining at an approved or designated refinery before GoldBod will consider the export application.
The move could increase demand for domestic refining services while also encouraging greater value addition within Ghana’s gold industry.
