GoldBod orders local refining effective September 1 as Ghana moves to gain value from gold trade

The Ghana Gold Board (GoldBod) has tightened the country’s gold export regime, directing all Self-Financing Aggregators (SFAs) to ensure that gold doré is refined in Ghana before it can be exported from September 1, 2026.

The new requirement is part of efforts to retain more economic value from Ghana’s gold industry by ensuring that processing activities, technical expertise and associated revenues remain within the country.

The directive comes amid intensified scrutiny of Ghana’s gold purchasing regime following revelations by the International Monetary Fund (IMF) that the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP) recorded losses exceeding US$1.7 billion in 2025.

The IMF said the losses were equivalent to approximately 1.5 percent of Ghana’s Gross Domestic Product (GDP) and were driven largely by the Gold-for-Reserves doré programme.

Under the new directive, GoldBod has stated categorically that no gold doré will be permitted to leave Ghana in its unrefined form.

The Board said every offtake agreement between an SFA and an approved international buyer must include a provision requiring the gold to be refined locally before export.

“No gold doré shall be exported in its unrefined state,” GoldBod said in the directive.

The Board further stated that it would not approve an export request unless the gold had first undergone refining in Ghana.

The policy represents a significant shift in Ghana’s gold value-chain strategy, as doré is only partially refined and still contains other metals that must be removed before the gold reaches high-purity bullion standards.

By requiring the refining process to take place locally, the government expects Ghana to retain a greater share of the economic benefits generated along the gold value chain.

These benefits could include refining fees, employment, technical expertise, industrial activity and additional opportunities for local businesses.

GoldBod will also exercise control over where the refining takes place.

According to the directive, all refining must be undertaken at a refinery approved or designated by GoldBod.

The Board has reserved the right to determine the refinery to be used for particular gold shipments.

The cost of refining will be borne by the SFA or its approved international off-taker, depending on the commercial agreement between the parties.

However, the applicable refining charges must be settled before the refined gold can be exported.

GoldBod has given SFAs until August 31, 2026, to amend their existing offtake agreements and related commercial arrangements to incorporate the mandatory local refining requirement.

The Board said it could request evidence of the amendments from SFAs at any time.

From September 1, export approval will only be granted after GoldBod has confirmed that the gold has been refined in Ghana and that all applicable requirements have been satisfied.

These include payment or settlement of refining charges, completion of assay procedures, compliance with regulatory requirements and fulfilment of other export conditions.

GoldBod has warned SFAs that attempting to export unrefined doré will constitute a breach of their licences.

Possible sanctions include 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, 2025 (Act 1140).

The directive therefore places significant responsibility on SFAs and their international buyers to ensure that their commercial arrangements comply with the new local-refining requirement before shipments are presented for export approval.

The refining policy comes against the backdrop of growing attention on the financial performance of Ghana’s Domestic Gold Purchase Programme.

The IMF reported that losses associated with the programme exceeded US$1.7 billion in 2025, with the losses attributed to several factors.

These included service and assay fees, discounts provided to off-takers and exchange-rate losses arising from the difference between the foreign exchange bureau rate used to purchase gold and the cedi reference rate used for Bank of Ghana accounting.

The Fund, however, acknowledged that the programme also played a significant role in rebuilding Ghana’s foreign exchange reserves.

Gold-related inflows increased substantially and contributed to gross international reserves reaching US$11.9 billion by the end of 2025, according to the IMF report.

The IMF has also reported a significant institutional change in the programme.

Responsibility for the Domestic Gold Purchase Programme was transferred from the Bank of Ghana to GoldBod on July 1, 2026, meaning the central bank would no longer bear the programme's operational exposure.

The costs associated with the programme are now to be borne by the government and GoldBod.

The transfer has increased pressure on GoldBod to improve the efficiency and financial sustainability of Ghana's gold purchasing operations.

The IMF has indicated that Ghana is targeting a substantial reduction in the cost of domestic gold purchases.

The average cost, which stood at approximately 14.5 percent of gold purchase costs in 2025, is targeted to fall to 5 percent.

Measures identified to achieve this include reducing foreign exchange spreads, cutting fees and charges, streamlining the supply chain and improving negotiations with international off-takers.

Despite concerns over the programme’s losses, GoldBod has defended the broader gold purchasing strategy and its contribution to Ghana’s foreign exchange position.

The Board has said gold purchases and exports from the artisanal and small-scale mining sector generated more than US$10.8 billion in foreign exchange.

It also said the Bank of Ghana was able to intermediate approximately US$10.6 billion into the domestic foreign exchange market.

GoldBod has further indicated that international reserves increased from US$8.9 billion to US$13.8 billion by December 2025.

The figures highlight the complex balance facing policymakers: the gold purchasing programme has generated substantial foreign exchange inflows and supported reserve accumulation, but the state has also incurred significant costs.

GoldBod’s new refining requirement therefore forms part of a broader attempt to ensure that Ghana captures more value from its mineral resources.

Rather than exporting partially processed doré for further refining overseas, the policy seeks to move a greater portion of the gold value chain into Ghana.

The move could create additional opportunities for local refineries, skilled employment, technical training and businesses involved in gold processing and related services.

It could also help Ghana build greater capacity in downstream mineral processing rather than remaining primarily a producer and exporter of partially processed gold.

The policy nevertheless places additional obligations and costs on gold aggregators and international buyers, who will have to factor local refining into their commercial arrangements.

The September 1 implementation date will place GoldBod at the centre of Ghana’s efforts to reform the gold export industry.

The immediate challenge will be ensuring that adequate refining capacity, transparent pricing, effective assay systems and efficient export procedures are available to support the policy without creating unnecessary delays or additional costs for legitimate operators.

The Board will also face pressure to demonstrate that the new system delivers greater value to Ghana while addressing the financial leakages associated with the Domestic Gold Purchase Programme.

For Ghana, the objective is increasingly clear: the country wants to move beyond simply producing and exporting gold and capture a larger share of the value created from processing the mineral at home.

The mandatory local refining requirement takes effect on September 1, 2026.