Sammy Gyamfi
The Ghana Gold Board (GoldBod) has directed all Self-Financing Aggregators (SFAs) to refine gold doré locally before export, in a move to deepen value addition in the 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 rule, SFAs will no longer be permitted to export gold doré in its unrefined form. Every offtake agreement or commercial arrangement between an SFA and an approved offtaker must provide for refining in the country before export.
The directive is in line with GoldBod’s mandate under the Ghana Gold Board Act, 2025 (Act 1140) to regulate the purchase, sale, refining, value addition and export of gold.
Approved Refineries
GoldBod said all refining must be done at a refinery approved or designated by the GoldBod in accordance with regulatory requirements.
The Board has also reserved the right to determine the refinery to be used for particular consignments and to issue additional operational directives governing the process.
The cost of refining will be borne by either the SFA or the approved offtaker, depending on their commercial arrangement. The charges must be paid or settled before the refined gold is exported.
Existing Contracts To Be Amended
The directive requires SFAs to review existing commercial arrangements with approved offtakers.
All existing offtake agreements must be amended by August 31, 2026, to incorporate the mandatory local refining requirement. GoldBod said it may request evidence of such amendments at any time.
From September 1, GoldBod will only process export requests after confirming that the gold has been refined in Ghana, refining charges have been settled, and all assay, regulatory and export requirements have been met.
Sanctions
The Board warned that exporting or attempting to export unrefined gold doré will constitute a breach of the conditions of an SFA licence.
Non-compliant operators could face sanctions, including refusal or suspension of export approvals, suspension or revocation of licences, administrative sanctions and other enforcement measures under the Ghana Gold Board Act and applicable regulations.
GoldBod said the directive is part of efforts to strengthen regulation of the gold trade and ensure more value is retained in the domestic economy through refining and value addition before export.
A Business Desk Report