The Ghana Gold Board (GoldBod) has directed all Self-Financing Aggregators (SFAs) to refine gold doré locally before it can be exported, in a move to deepen value addition and retain more economic benefits from the country’s 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 requirement, SFAs will no longer be allowed to export gold doré in its unrefined form.
All offtake agreements and commercial arrangements between SFAs and approved offtakers must expressly require gold to be refined in Ghana before export.
GoldBod said the measure forms part of its mandate under the Ghana Gold Board Act, 2025 (Act 1140), which empowers it to regulate the purchase, sale, refining, value addition and export of gold.
Approved refineries
The Board said all gold must be refined at a refinery approved or designated by GoldBod in line with applicable regulatory requirements.
It reserved the right to determine the refinery to be used for particular consignments and to issue additional operational directives on the refining process.
The cost of refining will be borne by either the SFA or the approved offtaker, depending on their commercial agreement. Applicable refining charges must be paid or settled before the refined gold is exported.
Existing contracts
GoldBod has also ordered SFAs to amend their existing offtake agreements to incorporate the mandatory local refining requirement by August 31, 2026.
The Board said it may demand evidence of the amendments at any time.
From September 1, GoldBod will process export requests only after confirming that the gold has been refined in Ghana, refining charges have been settled, and all assay, regulatory and export requirements have been satisfied.
Sanctions
GoldBod warned that exporting or attempting to export unrefined gold doré will constitute a breach of an SFA’s licence conditions.
Non-compliant operators could face refusal or suspension of export approvals, suspension or revocation of licences, administrative sanctions and other enforcement measures under the Ghana Gold Board Act, applicable regulations and GoldBod directives.
The directive marks a further tightening of Ghana’s gold-export regime, with GoldBod seeking to ensure that more value is captured domestically through refining and other value-addition activities before gold leaves the country.
