Sammy Gyamfi interacting with licensed gold traders
The Ghana Gold Board (GoldBod) has announced a new official gold pricing regime aimed at enhancing transparency, fairness and stability in the country’s gold trading sector, effective July 1, 2026.
In a press release issued yesterday by the communications department, GoldBod said the new framework follows extensive consultations and stakeholder engagements with licensed gold buyers, aggregators, self-financed aggregators and other participants within the country’s gold trading value chain.
Under the revised regime, GoldBod will discontinue the publication of continuously updated live gold prices and instead adopt the internationally recognised London Bullion Market Association (LBMA) Gold Price AM and LBMA Gold Price PM benchmarks as the sole reference points for determining official local gold purchase prices in the country.
“As part of the new arrangement, GoldBod will publish two official gold purchase prices each trading day. The first price will be released at 10:30 a.m. based on the LBMA Gold Price AM, while the second will be published at 3:00 p.m. in line with the LBMA Gold Price PM,” the statement said.
The Board explained that the applicable Ghana cedi purchase price would continue to be calculated using the relevant LBMA benchmark converted at the Bank of Ghana (BoG) Reference Rate (BRR) for the day.
According to GoldBod, the published prices will serve as the mandatory official purchase prices for all licensed gold buyers, aggregators, self-financed aggregators and other licensed operators purchasing gold from licensed miners and traders during the applicable pricing window.
The Board said the new system is expected to strengthen consistency in gold pricing across the market while aligning Ghana’s gold trading practices with internationally accepted standards.
GoldBod emphasised that all licensed operators are required to comply strictly with the official prices published under the new regime and may not purchase gold at prices outside the approved GoldBod pricing framework.
“The official prices will be published daily on the GoldBod website to ensure accessibility and transparency for all market participants,” it stated.
In announcing the policy, GoldBod reminded licence holders that compliance with official pricing directives issued under the Ghana Gold Board Act, 2025 (Act 1140), is mandatory.
The Board warned that any individual or entity found purchasing gold in contravention of the approved pricing regime would be deemed to have committed an offence under the Act and could face a range of sanctions.
GoldBod disclosed that enforcement and compliance teams would be deployed across major gold-producing and trading centres nationwide to monitor adherence to the new pricing system.
“Offending licensees may face penalties including suspension or revocation of their GoldBod licences, seizure of unlawfully traded gold, prosecution before the courts, and other administrative, civil or criminal sanctions provided for under the law,” the statement said.
According to the Board, the introduction of the new pricing regime forms part of broader efforts to formalise Ghana’s gold trading sector, improve market integrity, promote responsible sourcing and create a transparent trading environment that benefits miners, traders and the national economy.
GoldBod reaffirmed its commitment to building a fair, efficient and globally competitive gold trading ecosystem and urged all licensed operators to familiarise themselves with the new requirements ahead of the July 1 implementation date.
By Ebenezer K. Amponsah