Ghana’s Ghana Gold Board has barred Self-Financing Aggregators from exporting gold dore purchased under arrangements with approved offtakers unless the material is first refined in Ghana. The requirement took effect on September 1 under a directive issued on August 24 to implement the Ghana Gold Board Act, 2025, also known as Act 1140.
Gold dore is semi-refined gold that requires further processing before it can become bullion. GoldBod says the policy is intended to retain more economic value in Ghana and strengthen oversight of the gold trade.
What exporters must do
GoldBod’s Compliance Directorate said export applications will be processed only after it confirms that the gold has been refined locally, applicable charges have been paid and other regulatory requirements have been met.
The board required affected aggregators to amend existing offtake agreements by August 31. Clement Edem Asare Morjah, chief executive of licensed Self-Financing Aggregator United Gold International Limited, said the short notice created challenges for companies with existing contracts.
Why Ghana is pursuing local value addition
GoldBod media relations officer Prince Kwame Minkah said local refining could create jobs, reduce payments to overseas processors and supply refined gold to industries such as jewellery manufacturing. He said the policy supports President John Mahama’s vision that Ghana’s natural resources should be exported with a level of value addition by 2030.
Ghana has four licensed gold refineries, including Gold Coast Refinery and Royal Ghana Gold Refinery. GoldBod has supply agreements with both facilities. Gold Coast Refinery has a stated capacity of up to two tonnes a week, while Royal Ghana Gold Refinery has a daily capacity of 400 kilogrammes.
Enforcement and the wider gold industry
GoldBod said exporting, or attempting to export, unrefined dore in breach of the requirements would violate licence conditions. Potential measures include refusing or suspending export approvals, suspending or revoking licences, administrative penalties and other enforcement action.
Ghana produced nearly six million ounces of gold in 2025, while gold export earnings reached about $20bn, according to the supplied figures. Gold and mineral expert George Darkwa described the refining requirement as a positive development for value retention and formalisation. GoldBod also plans to develop a gold village modelled on Dubai’s Gold Souk.
What happens next
GoldBod will process export applications after confirming local refining, payment of applicable charges and compliance with other regulatory requirements.
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