Ghana Mandates Local Refining for Gold Exports, Tightening Regulatory Grip
Ghana is set to enforce a significant shift in its gold export regime, with the Ghana Gold Board (GoldBod) directing all Self-Financing Aggregators (SFAs) to ensure gold doré is refined domestically before shipment. This new regulation, detailed in a compliance notice issued on August 24, 2026, takes effect on September 1, 2026, impacting all SFAs and their approved offtakers.
Under the directive, the export of unrefined gold doré will be prohibited. Consequently, all offtake agreements and commercial arrangements must explicitly stipulate that gold is refined within Ghana prior to export. This measure is underpinned by GoldBod’s mandate under the Ghana Gold Board Act, 2025 (Act 1140), which grants the Board comprehensive powers to regulate the entire gold value chain, including purchase, sale, refining, value addition, and export.
The refining process must be conducted at facilities approved or designated by GoldBod, adhering to all pertinent regulatory requirements. GoldBod retains the authority to specify which refinery will process particular gold consignments and to issue further operational guidelines. The financial responsibility for refining costs will fall upon either the SFA or its approved offtaker, as determined by their commercial agreements. All applicable refining charges must be settled before the refined gold can be exported.
SFAs are required to meticulously review their existing arrangements and amend all current offtake agreements by August 31, 2026, to incorporate this mandatory local refining clause. GoldBod reserves the right to request evidence of these amendments as part of its ongoing compliance monitoring. From September 1, export applications will only be processed upon verification that the gold has undergone local refining, all associated charges have been paid, and all assay, regulatory, and export conditions have been met.
The Ghana Gold Board has issued a stern warning: any export or attempted export of unrefined gold doré will constitute a violation of SFA licence conditions. Non-compliant operators face a range of sanctions, including the potential refusal or suspension of export approvals, licence suspension or revocation, administrative penalties, and other enforcement actions authorised by the Ghana Gold Board Act and related directives. This initiative is a key component of GoldBod’s strategy to enhance regulatory oversight of Ghana’s gold trade and maximise domestic value retention through local refining and value addition.
