The Ghana Gold Board (GoldBod) has made X-Ray Fluorescence (XRF) assay the mandatory standard for determining gold purity in all gold purchases from September 1, 2026. This new compliance directive, issued on August 17, aims to significantly enhance accuracy and transparency within Ghana’s vital gold sector. The measure will impact all licensed buyers and aggregators involved in the gold purchasing process.
This critical change means the XRF analysis will become the definitive basis for assessing the purity of gold doré bought by GoldBod and its licensed partners. The previous water density method, known for its lower precision, will no longer serve as the primary standard. Licensed buyers must now invest in suitable XRF equipment and ensure their staff receive proper training to operate these advanced devices effectively. They are also required to maintain detailed records of all XRF measurements for every gold transaction.
Ghana's economy heavily relies on gold exports, making robust verification processes essential for market integrity and revenue assurance. This regulatory upgrade follows Ghana's recent achievement of becoming the world's sixth-largest gold producer. The move aligns with broader efforts to formalise and strengthen the gold supply chain, ensuring fair value for producers and reliable quality for international markets. It also reflects GoldBod's commitment to modernising its operations and governance model, which Zambia has reportedly studied.
GoldBod stated that the new verification regime will improve consistency in gold purity assessment. It will also strengthen transparency across the entire gold-buying chain, reducing discrepancies in gold transactions. The Board has also introduced a strict ±0.05% tolerance for comparing successive XRF reports for the same gold. Any variation exceeding this threshold will trigger further verification and reconciliation processes.
The implications of this directive are far-reaching for Ghana's gold industry stakeholders. Licensed aggregators must acquire appropriate XRF machines and deploy them to their Tier 1 and Tier 2 buyers. This ensures accurate purity determination occurs directly at the point of purchase. GoldBod acknowledges that in rare cases where an XRF device is genuinely unavailable due to operational constraints, the water density method may still be used. However, such purchases will incur a minimum 0.5% purity discount, with GoldBod conducting its own XRF assessment to finalise purity and payment.
Compliance with these new requirements is mandatory for all licensed buyers and aggregators from September 1, 2026. GoldBod has warned that failure to comply will constitute a breach of licence conditions. Such breaches could lead to significant regulatory and enforcement actions under the Ghana Gold Board Act, 2025 (Act 1140). This firm stance underscores the Board's commitment to upholding the integrity of Ghana's gold market. The new system is expected to foster greater confidence among all participants in the gold value chain.