GoldBod orders local refining effective September 1 as Ghana moves to gain value from gold trade
GoldBod says every offtake agreement between an SFA and an approved international buyer must now expressly provide for the mandatory refining of gold in Ghana before export.
Ghana's Gold Board (GoldBod) is imposing a new rule requiring Self-Financing Aggregators (SFAs) to refine all gold doré locally before export starting September 1, 2026. This move aims to extract greater economic value from Ghana's gold industry following losses of over US$1.7 billion in 2025, according to the International Monetary Fund (IMF).
The IMF's Domestic Gold Purchase Programme (DGPP) incurred these losses due to factors such as service fees, discounts to off-takers, and unfavorable exchange rates. The new requirement ensures that Ghana retains more refining fees, technical expertise, and value added to the gold trade. GoldBod will oversee the refining process, which must take place at an approved local refinery.
SFAs and their off-takers will bear the cost of refining, with the payment required before the refined gold is exported. Non-compliance with the new directive could result in severe penalties, including suspension of export approvals and loss of licences. This policy aligns with broader efforts to restructure Ghana's gold sector and reduce the cost of domestic gold purchases, with the IMF targeting a significant reduction from 14.5% in 2025 to 5%.
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