Omanghana
The Ghana Gold Board (GoldBod) has directed that all gold produced for export must be refined locally before it leaves the country, effectively prohibiting the export of unrefined or partially processed gold doré from September 1, 2026.
The compliance directive applies to all licensed Self-Financing Aggregators (SFAs) and their approved international off-takers. GoldBod said the measure forms part of efforts to retain more value from Ghana’s mineral resources, improve traceability and strengthen regulatory oversight of the gold export industry.
Under the directive, SFAs and their international partners must amend all existing offtake agreements and related commercial arrangements by August 31, 2026. The revised contracts must contain provisions requiring gold to be refined in Ghana before export.
GoldBod issued the notice under the Ghana Gold Board Act, 2025 (Act 1140), which empowers the institution to regulate the purchase, sale, assay, refining, value addition and export of gold produced in the country.
From the effective date, GoldBod will not grant export permits for gold doré that has not undergone the required domestic refining process. Every consignment must be processed to the prescribed refined standard before it can receive clearance for export.
The refining process must also take place at a facility approved or designated by GoldBod. The Board retains the authority to determine which refinery should handle a particular consignment as part of its regulatory and quality-control responsibilities.
Before an export application is approved, the exporter must provide evidence that the gold was refined locally and underwent the necessary assay and verification procedures. All applicable refining, assay and processing charges must also be fully settled.
Responsibility for paying those charges may rest with either the SFA or the international off-taker, depending on the commercial terms agreed between the parties. However, unresolved payments could prevent GoldBod from issuing final export clearance.
The directive warns that exporting or attempting to export unrefined gold doré after September 1 will constitute a breach of the licensing conditions governing Self-Financing Aggregators.
Companies found violating the requirement could have their export applications rejected or suspended. GoldBod may also suspend or immediately revoke an aggregator’s operating license, impose statutory administrative fines or pursue other legal sanctions available under Act 1140.
The local refining requirement is expected to allow Ghana to retain a larger portion of the economic value generated by its gold industry. For years, a significant share of the country’s gold has been exported in raw or semi-processed form, leaving refining margins, certification income and related technical opportunities in foreign jurisdictions.
Processing the mineral domestically could generate additional revenue for local refineries, create skilled employment and support the transfer of specialized knowledge and technology within Ghana’s mineral-processing industry.
The policy is also intended to strengthen foreign-exchange retention and improve the government’s ability to trace gold from its source to the export market. Better oversight of the refining and export chain could help authorities identify irregular transactions, reduce gold smuggling and curb illicit mineral flows.
By requiring exporters to pass through approved facilities, GoldBod will be able to exercise greater supervision over the quality, weight, purity and declared value of consignments leaving Ghana.
The measure reflects the government’s broader policy of reducing Ghana’s dependence on the export of raw natural resources. Authorities are seeking to expand domestic processing and value addition across the extractive sector so that the country earns more from its mineral wealth.
GoldBod has therefore urged all affected aggregators and international off-takers to review their commercial agreements and operational procedures ahead of the deadline. Any company that fails to complete the necessary contractual and logistical adjustments risks losing access to export approvals when the directive takes effect.
Source: Omanghana
