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, effective September 1, 2026. The directive, issued by the GoldBod Compliance Directorate on August 24, forms part of the Board’s regulatory mandate under the Ghana Gold Board Act, 2025 (Act 1140), which covers the purchase, sale, refining, value addition and export of gold in Ghana.
Under the new requirement, no SFA will be permitted to export gold doré in its unrefined state. The GoldBod said every offtake agreement or related commercial arrangement between an SFA and an approved offtaker must expressly provide for the mandatory refining of gold doré in Ghana before export. The Board further stated that export requests for gold doré will not be approved unless the gold has first undergone local refining.
GoldBod said all refining must be conducted at a refinery approved or designated by the Board in accordance with applicable regulatory requirements. The Board has also reserved the right to determine the specific refinery where any gold is to be refined and to issue additional operational directives governing the refining process. The cost of refining will be borne by either the Self-Financing Aggregator or the approved Offtaker, depending on their commercial arrangements.
However, the refining charges must be paid or otherwise settled before the SFA can export the refined gold. GoldBod has also given SFAs until August 31, 2026, to amend all existing offtake agreements and related commercial arrangements with approved Offtakers to incorporate the mandatory local refining requirement. The Board said it may request evidence of the amendments at any time as part of its compliance monitoring.
From September 1, GoldBod will process export requests only 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. Exporters must also satisfy all other conditions governing the export of gold before approval is granted. GoldBod warned that the new notice forms part of the terms and conditions of SFA licences, making compliance mandatory for all affected aggregators. It said exporting or attempting to export unrefined gold doré in breach of the directive will constitute a violation of the conditions of an SFA licence.
The directive signed by the Compliance Directorate of the Ghana Gold Board indicates that non-compliant operators could face regulatory action, including refusal or suspension of export approvals, suspension or revocation of licences, administrative sanctions and other enforcement measures permitted under the Ghana Gold Board Act, applicable regulations and GoldBod directives.
By: Joyce Owusu
