Ghana Gold Exports: New Rules, Gold Buyers

The rules on gold export have become stricter for Ghana, requiring certain exporters to refine gold doré within the country as it seeks to retain more value from the gold production sector.

The new regulation will come into effect on September 1, 2026, and will cover SFAs exporting gold doré purchased under deals with certified international offtakers. This policy is in line with the overall plans implemented by the Ghana Gold Board (GoldBod) to add value to the local gold production sector.

What Does the New Regulation on Gold Exports in Ghana Cover?

According to the new rules, gold doré covered by this regulation cannot be exported if it has not been refined locally in Ghana.

GoldBod, created under the Ghana Gold Board Act, 2025 (Act 1140), is gradually becoming the key player in the process of trading gold in Ghana. According to the Board, it is the only entity that has the exclusive rights to buy, sell, weigh, grade, assay, value, and export gold as well as other valuable minerals in Ghana.

The August 26 GoldBod press release included the requirement for mandatory refining of the gold doré in the country before its export. Thus, the provision becomes an element of the reform implemented by the Board.

Why Is Ghana Requiring Gold to Be Refined in the Country?

This regulation aims at retaining more value added by Ghana’s gold production within the country.

Instead of exporting semi-processed doré and completing refining procedures abroad, Ghana prefers to carry out refining and additional economic processes in the country.

It can result in creating new business opportunities for local gold refineries, jewellers and other players in the process of gold processing.

As the major gold producer in Africa, the change in the export process becomes a matter of importance for Ghana’s mining industry and the whole gold market.

How will this impact gold miners and purchasers?

For artisanal and small-scale miners, this reform may affect the manner through which their gold ends up in international markets.

Self-Financing Aggregators have to adhere to the export policies put forth by GoldBod, including those related to approved offtakers and export approvals. The GoldBod policy in July stipulates that SFAs have to provide information on prospective offtakers to the Board and get an export approval after aggregating the gold.

This applies to gold buyers as well since there is more control across the market. Effective September 1, GoldBod implemented mandatory use of X-ray fluorescence (XRF) testing as the means of measuring the purity of gold purchased, replacing the water density measure as the final means of measurement.

While this may raise initial costs for some market participants, according to GoldBod, it aims at ensuring greater transparency and accuracy.

Ghana Seeks Greater Value from Gold

The refining requirement is just one aspect of the complete overhaul taking place in Ghana’s gold industry.

GoldBod raised $1.315 billion of foreign currency in the month of August, with part of this revenue being sold to the commercial banks and another part available to the Bank of Ghana for reserves.

It is expected that GoldBod will raise $1.4 billion of foreign currency in the month of September.

From the above measures, it can be seen that Ghana is working towards using its gold reserves as an exportable product and foreign exchange, as well as domestic production and reserves of Ghana.

Conclusion

The new gold export regulations in Ghana have been taken as another landmark step by Ghana to maximize its gold resources.

The requirement of September 1 means that covered Self-Financing Aggregators will have to process the gold doré before exporting it, while other measures are strengthening the purchase, assaying, and export of gold.

For miners and gold purchasers, it will mean higher regulation and compliance requirements, while Ghana intends to shift away from exporting unprocessed or half-processed products.