The Ghana Gold Board (GoldBod) has directed all Self-Financing Aggregators (SFAs) to refine gold doré locally before it can be exported, as part of efforts to increase value addition and retain more economic value within Ghana’s gold industry.
The directive, contained in a compliance notice dated August 24, 2026, takes effect on September 1, 2026, and applies to all SFAs and their approved offtakers.
Under the new requirement, SFAs will no longer be allowed to export gold doré in its unrefined form. All offtake agreements and commercial arrangements between SFAs and approved offtakers must expressly require the gold to be refined in Ghana before export.
GoldBod said the directive is consistent with its mandate under the Ghana Gold Board Act, 2025 (Act 1140), which empowers the Board to regulate the purchase, sale, refining, value addition and export of gold in Ghana.
Approved refineries
According to GoldBod, all gold refining must be undertaken at a refinery approved or designated by the Board in accordance with applicable regulatory requirements.
The Board has also reserved the authority to determine the refinery to be used for specific gold consignments and issue additional operational directives concerning the refining process.
The cost of refining will be borne either by the SFA or the approved offtaker, depending on the terms of their commercial agreement.
GoldBod further stated that all applicable refining charges must be paid or otherwise settled before the refined gold is exported.
Existing contracts must be amended
The directive requires SFAs to review and amend their existing commercial arrangements with approved offtakers to incorporate the mandatory local refining requirement.
All existing offtake agreements must be amended by August 31, 2026. GoldBod said it reserves the right to request evidence of the amendments at any time.
From September 1, the Board will process export applications only after confirming that the gold has been refined in Ghana, the relevant refining charges have been settled and all assay, regulatory and export requirements have been satisfied.
Sanctions for non-compliance
GoldBod warned that the export, or attempted export, of unrefined gold doré will constitute a breach of the conditions attached to an SFA licence.
Operators found to be in breach could face a range of regulatory measures, including 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, applicable regulations and GoldBod directives.
The latest measure forms part of GoldBod’s broader efforts to strengthen oversight of Ghana’s gold trade and ensure that greater value is retained within the domestic economy through refining and other value-addition activities before gold is exported.
