GoldBod changes gold assay rules for local purchases effective October 1

The Ghana Gold Board (GoldBod) has announced alterations to the methods used for testing the purity of gold in local transactions, with these new regulations coming into effect from October 1, 2026. This decision was communicated today by GoldBod's Compliance Directorate. Under the revised system, the Water Density method will only be utilized to provide an estimation of the gold's purity and will no longer serve as the definitive factor in determining its value or payment.

A compliance notice issued on September 28 revealed that X-Ray Fluorescence (XRF) testing would become the primary method for assessing the purity of gold doré purchased by the Board and its authorized buyers. Consequently, payments for gold would be calculated based on the results obtained through the XRF method. However, GoldBod indicated that licensed buyers facing genuine operational or logistical obstacles in employing XRF, or those who mutually agree with sellers to use the Water Density method, would be eligible for a 0.7 percent reduction in the price.

The Board has established a tolerance threshold for discrepancies between successive XRF test results for the same gold or transaction, which must not exceed a difference of plus or minus 0.1 percent. Should any deviation surpass this range, it must be verified prior to finalizing or reporting the transaction to the Board. These new prerequisites apply to all aggregators and licensed gold buyers, who have been instructed to prepare themselves for compliance by October 1.

GoldBod stated that the notice is part of the conditions outlined in the licenses granted to aggregators and licensed gold buyers. Non-compliance with the updated requirements would be considered a breach of the applicable licence terms and could lead to regulatory or enforcement actions under the Ghana Gold Board Act, 2025 (Act 1140).