Ghana’s Gold Board (GoldBod) has mandated X-Ray Fluorescence (XRF) assay as the new standard for determining gold purity in all licensed gold purchases, effective September 1. This directive requires all licensed buyers and aggregators to adopt XRF technology for gold doré testing.
The new regulatory framework, issued in a compliance notice on August 17, aims to standardize gold purity assessment across the licensed buying chain. It replaces the less precise water density method, which will no longer be accepted as a definitive basis for purity. This change ensures a uniform approach to gold transactions, enhancing transparency and accuracy in the sector.
This move fits into Ghana's broader efforts to formalize and regulate its valuable gold sector. Gold exports are a critical component of Ghana's economy, contributing significantly to foreign exchange earnings. Standardizing purity testing helps prevent under-declaration and ensures fair value for gold producers and the state. This initiative builds on previous measures to improve oversight and revenue collection in the mining industry.
GoldBod stated that these new requirements will become integral terms and conditions for all licensed aggregators and gold buyers. The regulator has urged all operators to prepare their systems and personnel before the September 1 implementation date. This preparation includes acquiring suitable XRF devices and training staff to operate them correctly.
The immediate implication is a significant operational shift for all licensed gold buyers and aggregators. They must invest in XRF equipment and ensure their teams are proficient in its use. GoldBod has also set a strict tolerance of plus or minus 0.05 per cent for differences between successive XRF reports. Any discrepancy beyond this limit will trigger further verification, adding a crucial quality control layer to transactions.
For buyers facing difficulties obtaining XRF equipment by September 1, GoldBod has outlined a temporary mechanism. They can still use the water density method, but the purity figure will be considered indicative only. Such transactions will incur a minimum purity discount of 0.5 per cent. The gold consignment will then undergo a final XRF assessment by GoldBod to determine the definitive purity and payment.
This provisional arrangement underscores GoldBod’s preference for prompt XRF adoption. It aims to discourage prolonged reliance on the less accurate water density method. The regulator wants to minimize potential discrepancies associated with provisional purity measurements. This ensures that all gold entering the formal buying system is accurately assessed.
Licensed aggregators face additional responsibilities under the new framework. GoldBod has directed them to procure appropriate XRF machines for their Tier 1 and Tier 2 buyers, also known as sub-aggregators. This ensures reliable purity testing is available at the very source of gold transactions. This requirement extends the new testing standard throughout the entire licensed gold-buying network.
The introduction of a defined tolerance for XRF report differences is another key aspect. Licensed buyers must apply this purity deviation limit when comparing results. This formal process for dealing with variations ensures that significant discrepancies are investigated before a transaction is finalized. It adds an important quality-control stage to gold purchases.
This regulatory update is expected to enhance confidence in Ghana’s gold trade. It provides a common, scientifically robust standard for purity assessment. This will benefit both buyers and sellers by ensuring fair and accurate valuations. The market will closely watch the smooth implementation of these new standards across the country.