For Ghanaian gold, the road to the world increasingly runs through the United Arab Emirates. Understanding both ends of that corridor, Ghana’s export rules and the UAE’s sourcing rules, is now essential for anyone trading between them.
The numbers
According to Ghana Statistical Service data reported by Citi Newsroom, the UAE took GH₵104 billion of Ghana’s exports in 2025, 25.9% of the total, making it the single largest destination. India (16.0%) and Switzerland (14.2%) followed. Gold is the main driver of all three.
Why the UAE
Dubai is one of the world’s largest gold trading hubs, with refineries, vaults, logistics and a deep market of traders and jewellers. Proximity to India, a major consumer market, adds to its pull.
The Ghana end: who can export
- Large-scale miners export their own production under their own licences, while selling 30% of annual output to the Bank of Ghana under the requirement raised in May 2026.
- Small-scale gold is exported only by GoldBod under the Gold Board Act, 2025. Foreign buyers can apply to GoldBod to buy or off-take directly.
- Local refining: since 1 September 2026, doré bought under approved off-take arrangements must be refined at a GoldBod-approved refinery in Ghana before export approval.
The UAE end: responsible sourcing rules
The UAE Ministry of Economy published due diligence regulations for responsible sourcing of gold in 2022, based on the OECD’s due diligence guidance. They apply to refiners and dealers in precious metals and set five steps:
- Strong company governance, including a compliance officer and due diligence before any new supplier relationship.
- Identification and assessment of supply chain risks.
- A strategy to manage identified risks.
- Independent third-party review of due diligence.
- Annual reporting to the Ministry, including accreditation reports for refiners on the UAE Good Delivery standard.
What this means in practice
- For UAE buyers: expect to document where the gold came from, who handled it and how it was exported. Gold offered outside GoldBod’s channels for small-scale production is a compliance problem, not a bargain.
- For Ghanaian businesses: traceable records, licences and refining documentation are now the price of entry to UAE buyers.
Sources
- Citi Newsroom: UAE, India lead Ghana’s export markets (14 April 2026)
- Khaleej Times: UAE new policy for responsible sourcing of gold published (13 September 2022)
- Graphic Online: GoldBod sole exporter of ASM gold (14 April 2025)
- Mining Weekly (Reuters): Ghana bars unrefined artisanal gold doré exports from September 1
- MINING.COM (Reuters): 30% central bank sale requirement
This article is for information only and is not legal, tax or investment advice. Rules and figures change; confirm the current position with the relevant authority or a qualified adviser before acting. Image: illustration (AI-generated).
