Ghana Gold Board (GoldBod) directed in August 2026 that gold doré bought by self-financing aggregators under approved off-take arrangements may no longer leave Ghana unrefined. The rule took effect on 1 September 2026.
What the directive requires
- No unrefined doré exports under approved off-taker arrangements from 1 September 2026.
- Refining in Ghana at refineries approved or designated by GoldBod, before an export application is considered.
- Amended contracts: aggregators had to amend existing off-take agreements by 31 August to include the local refining requirement.
- Export approval only after GoldBod confirms local refining, payment of refining charges, and compliance with assay, regulatory and export requirements.
- Costs: refining charges fall on either the aggregator or the off-taker.
- Sanctions: non-compliance could lead to sanctions, including licence revocation.
Who is affected
Self-financing aggregators, licensed buyers that source gold with their own funds, and the approved foreign off-takers who buy from them. Large-scale miners exporting their own production are not the subject of this directive.
What it means for buyers abroad
- Off-takers, including refiners and traders in the UAE, should expect to receive refined gold rather than doré under these arrangements, and to see refining documentation as part of the export file.
- Pricing and contract terms that assumed doré delivery may need renegotiating to account for local refining charges.
Context
The directive is part of GoldBod’s expanding control of the small-scale sector. GoldBod exported 104 tonnes of artisanal gold in 2025 and expects to match or exceed that in 2026. The Bank of Ghana separately noted a pause in GoldBod exports from mid-August 2026, with significant shipments resuming in September.
Sources
- Mining Weekly (Reuters): Ghana bars unrefined artisanal gold doré exports from September 1 (25 August 2026)
- Ghana Business News: Ghana resumes gold shipments after August slowdown (26 September 2026)
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).
