Ghana's Gold Board (GoldBod) has started using a new system to price gold. This system links local gold purchases to the London Bullion Market Association (LBMA) AM and PM prices. The change became effective on July 1, 2026. This move will align Ghana's gold market with international standards.
The new Precious Minerals Marketing Company (PMMC) rules require all licensed gold buyers and miners to follow strict booking procedures. GoldBod will publish two official purchase prices each trading day. These prices will directly match the LBMA's morning (AM) and afternoon (PM) fixes. The AM Pricing Window runs from 9:30 a.m. to 2:20 p.m. The PM Pricing Window covers 2:30 p.m. to 9:20 a.m. the next day.
This shift reflects Ghana's ongoing effort to improve transparency in its vital mining sector. Gold is a major export for Ghana, contributing significantly to the nation's foreign exchange earnings. Aligning prices with global benchmarks can help address issues of under-invoicing or speculative trading. This new system builds on previous government efforts to formalise small-scale mining operations and maximise returns from natural resources. For instance, the government has previously introduced policies to encourage local refining of gold. This increases the value-added component before export.
GoldBod's Compliance Directorate confirmed the changes in a press release. The Board stated, “Every purchase must be booked in real time and strictly within the applicable booking window.” This emphasizes the mandatory nature of the new system. Any transaction booked outside these times will be rejected and moved to the next available window. This ensures precise adherence to the new pricing structure.
To manage the transitions between pricing windows, GoldBod will suspend trading and booking twice daily. These suspension periods are from 2:21 p.m. to 2:29 p.m. and from 9:21 a.m. to 9:29 a.m. No bookings will be accepted during these short breaks. Trading will immediately resume after each suspension. This strict structure aims to prevent any confusion or manipulation of prices.
The GoldBod has instructed all licensed buyers to adjust their operations immediately. This will ensure full compliance with the new schedules. The new system targets greater clarity and predictability for Ghana's gold industry. This includes small-scale mining and licensed gold aggregators. It aims to reduce inconsistencies and make Ghana's gold prices more competitive globally.
This change has significant implications for how Ghana's gold producers and buyers operate. Licensed gold buyers and miners must adapt their logistics and trading strategies. The market can expect better price discovery and potentially fairer returns for miners. This could also strengthen investor confidence in Ghana’s gold sector. GoldBod urges stakeholders needing more information to contact them through official channels.