The Ghana Gold Board (GoldBod) has announced sweeping regulatory measures aimed at tightening control over Ghana’s gold purchasing ecosystem, introducing a new gold pricing regime, a strict pricing threshold framework and mandatory real-time transaction booking requirements for all licensed gold buyers.
The measures, which form part of the implementation of the Ghana Gold Board Act, 2025 (Act 1140), are expected to significantly reshape the operations of licensed gold buyers, aggregators, self-financed aggregators and other market participants.
The new reforms are designed to promote transparency, standardise pricing, eliminate market distortions, strengthen compliance and ensure that the country’s gold trading system operates in a more orderly and accountable manner.
Effective timelines
The new gold pricing regime will take effect from July 1, 2026, while the approved pricing threshold for gold purchases became operational on June 24, 2026.
In addition, GoldBod has introduced a mandatory requirement for the prompt booking and reporting of all gold purchase transactions, with severe penalties awaiting entities that fail to comply.
New gold pricing regime
At the heart of the reforms is a major shift in the method used to determine official gold purchase prices in Ghana.
GoldBod announced that the publication of continuously updated live gold prices will be discontinued from July 1 and replaced with the internationally recognised London Bullion Market Association (LBMA) pricing system.
LBMA Gold Price AM and LBMA Gold Price PM windows
Under the new arrangement, the LBMA Gold Price AM and LBMA Gold Price PM windows will serve as the sole benchmarks for determining official local gold purchase prices.
According to GoldBod, two official gold purchase prices will now be published each trading day.
The first official price will be released at 10:30 a.m. based on the LBMA Gold Price AM, while the second official price will be published at 3:00 p.m. based on the LBMA Gold Price PM.
The local cedi equivalent of the official purchase price will continue to be determined using the Bank of Ghana (BoG) Reference Rate (BRR) applicable for the day.
GoldBod explained that the move is intended to align Ghana’s gold trading system with internationally accepted pricing standards while ensuring greater predictability and transparency in local transactions.
“The LBMA Gold Price AM and PM windows shall constitute the sole benchmarks for determining official local gold purchase prices,” the Board stated.
Mandatory official purchase price
GoldBod made it clear that all licensed gold buyers will be required to purchase gold strictly at its official published prices.
According to the directive, the published GoldBod price will constitute the mandatory official purchase price at which licensed buyers, aggregators, self-financed aggregators and all other licensed entities must buy gold from licensed miners and licensed traders during the applicable pricing window.
GoldBod stressed that no licensed buyer will be permitted to purchase gold at any price other than the officially published price.
It warned that any entity found purchasing gold outside the approved pricing structure would be considered to have committed an offence under the Ghana Gold Board Act, 2025.
Such violations could trigger a range of sanctions including prosecution and administrative penalties.
Enforcement teams deployed
To ensure compliance, GoldBod has announced the deployment of enforcement and compliance teams across major gold-producing and trading centres nationwide.
The teams will monitor transactions and investigate complaints relating to pricing violations.
According to GoldBod, offending licensees could face suspension or revocation of their licences, seizure of unlawfully traded gold, prosecution and any other civil, administrative or criminal sanctions provided under Act 1140 and other applicable laws.
The new enforcement regime signals GoldBod’s determination to establish tighter regulatory oversight over the gold value chain.
New pricing threshold introduced
In a separate directive, GoldBod announced the introduction of an approved pricing threshold governing all purchases of gold by licensed buyers.
The threshold took effect on June 24, 2026.
Under the framework, licensed buyers are prohibited from purchasing gold at prices above an approved ceiling.
The maximum allowable purchase price will comprise three components.
The first component is the official GoldBod published price applicable at the time of purchase.
The second component is the approved rate-gap bonus payable to licensed miners where applicable.
The third component is an amount of up to GH¢30 drawn from the commission allocated to Tier Two buyers.
GoldBod clarified that Tier Two buyers are not permitted to add more than GH¢30 of their allotted commission to the purchase price when buying or selling gold.
“No licensed gold buyer shall purchase gold at a price above the aggregate of these approved components,” the directive stated.
GoldBod explained that the threshold is intended to prevent excessive competition that could distort the market and undermine the integrity of the pricing system.
Severe penalties for violations
It warned that any licensed buyer who exceeds the approved pricing threshold would be in breach of the conditions governing their licence.
The Board said such conduct constitutes an offence under Section 63(1)(c) and Section 63(2) of the Ghana Gold Board Act, 2025.
Offenders could face prosecution, suspension, licence revocation and other enforcement measures.
Five-minute booking rule
Perhaps the most significant operational change introduced by GoldBod is the mandatory requirement for the immediate booking and reporting of gold purchase transactions.
Under the directive, every licensed gold buyer must communicate details of a completed gold purchase transaction to its financing Tier Two buyer or aggregator within five minutes of concluding the transaction.
The communication may be done through telephone calls, text messages or any other approved communication channel.
GoldBod explained that the requirement is intended to improve transaction visibility, reduce opportunities for unreported purchases and strengthen monitoring across the gold trading chain.
GoldBod further indicated that gold purchase bookings may only be undertaken during the approved trading period beginning each morning and ending at 8:00 p.m. each trading day.
Receipts mandatory
As part of the new compliance framework, every licensed buyer must issue a receipt immediately after completing a purchase transaction.
The receipt must clearly indicate all relevant transaction details, including the exact time of purchase.
GoldBod also directed all licensed buyers to maintain complete transaction records and supporting documentation for inspection by authorised officers.
It said the records would play a critical role in compliance verification and enforcement activities.
Record-keeping obligations
Under the new regime, transaction records must be readily available for inspection whenever requested by GoldBod officials.
Failure to properly book transactions, maintain adequate records, issue compliant receipts or comply with any aspect of the directive will constitute a violation of Section 64(1)(c) and Section 64(2) of the Ghana Gold Board Act, 2025.
Such breaches could attract sanctions ranging from administrative penalties to criminal prosecution.
Industry Impact
The introduction of the new pricing regime, pricing threshold and real-time booking requirements represents one of the most comprehensive regulatory interventions in Ghana’s gold purchasing sector in recent years.
The reforms are intended to strengthen transparency, improve traceability of gold transactions, curb illegal trading practices and align Ghana’s gold market with international standards.
The measures are also expected to enhance GoldBod’s ability to monitor gold purchases in real time while ensuring that all market participants operate under a uniform pricing framework.
