The Ghana Gold Board (GoldBod) has banned the export of unrefined gold dore, effective September 1, 2026. This directive requires all Self-Financing Aggregators (SFAs) to refine gold locally before export, aiming to deepen value addition within Ghana's gold industry.
The new rule, issued in a compliance notice dated August 24, 2026, applies to all SFAs and their approved buyers. SFAs must now ensure all gold dore undergoes refining in Ghana before it can leave the country. This measure seeks to retain more economic value from Ghana's significant gold production within the domestic economy.
This policy change fits into Ghana's broader economic strategy to diversify its economy and maximize benefits from natural resources. Ghana is Africa's largest gold producer, yet much of its gold has historically been exported in raw or semi-processed forms. Increasing local refining capacity could create jobs, attract investment in processing infrastructure, and boost foreign exchange earnings from higher-value exports. This aligns with national development goals to move beyond primary commodity exports.
Sammy Gyamfi, Chief Executive Officer of GoldBod, confirmed the directive. He stated that the move is part of GoldBod’s mandate under the Ghana Gold Board Act, 2025 (Act 1140). This Act empowers GoldBod to regulate the purchase, sale, refining, value addition, and export of gold in Ghana. The Board will approve or designate specific refineries for this purpose.
The new regulation has significant implications for gold traders and the broader economy. SFAs must amend existing contracts with buyers by August 31, 2026, to include the mandatory local refining clause. GoldBod will only process export requests after confirming local refining, settlement of charges, and compliance with all regulatory requirements. This will likely increase operational costs for some aggregators but promises long-term benefits for the national economy.
GoldBod has warned of strict sanctions for non-compliance. Exporting or attempting to export unrefined gold dore will breach SFA license conditions. Penalties include refusal or suspension of export approvals, suspension or revocation of licenses, and other enforcement measures under Act 1140. This underscores the government's commitment to enforcing the new policy and achieving its value addition objectives.
The cost of refining will be borne by either the SFA or the approved buyer, depending on their commercial agreements. Applicable refining charges must be settled before the refined gold is exported. This ensures that the financial burden is clearly defined within existing business relationships. The Board also reserves the right to determine the refinery used for particular gold consignments, ensuring oversight and quality control.
This directive represents a crucial step by GoldBod to strengthen regulation and ensure more value remains within Ghana. It aims to transform Ghana's gold sector from a raw material exporter to a hub for refined gold. This strategic shift could significantly impact Ghana's balance of payments and industrial development. The move is expected to stimulate growth in related industries, such as logistics and financial services, supporting the refining process. It also signals a stronger regulatory environment for the mining sector, promoting transparency and accountability among operators. The long-term success of this policy will depend on effective implementation and the capacity of local refineries to meet demand.