The Ghana Chamber of Mines has thrown its weight behind a new directive by the Ghana Gold Board (GOLDBOD) requiring all gold doré to be refined locally before export, describing the move as a positive step towards deepening value addition in the country’s gold industry.
The directive, issued by GoldBod’s Compliance Directorate on August 24, 2026, takes effect on September 1, 2026, and applies to all Self-Financing Aggregators (SFAs) and their approved offtakers . Under the new rules, no gold doré purchased by SFAs under arrangements with approved offtakers will be permitted to leave the country in its unrefined state .
Chamber’s Endorsement
Speaking on TV3’s Ghana Tonight programme, the Chief Executive Officer of the Ghana Chamber of Mines, Ing. Kenneth Ashigbey, welcomed the directive as a logical extension of existing arrangements with large-scale mining companies .
“I think it’s one of the positive steps that we’re taking,” Ashigbey said. “You know that the large-scale mines, we have already signed an agreement with government where 30% of the output of large-scale mines, the doré is going to be refined in Ghana, and then in partnership with some LBMA refineries, finally refined and then sold to Bank of Ghana as part of their reserve accumulation” .
He noted that extending a similar requirement to artisanal and small-scale mining (ASM) gold would build on progress already made. “So if now we’re going to now also see that for ASM gold as well. And I know that for a while now the Gold Board has been refining a lot of the doré before they export it out. So if we’re going to get into that point, then the issue about value retention would improve” .
Path to LBMA Accreditation
Ashigbey expressed confidence that the large-scale mining companies would work with government using the existing 30% arrangement to gradually build the capacity of local refineries, with a view to those refineries eventually attaining London Bullion Market Association (LBMA) accreditation .
“I’m pretty sure that the large-scale mines would also work with government using this 30% gradually to build the capacity of our local refineries for them to also attain the LBMA, and so that there will be a lot more value retained. So it’s a positive thing,” he stated .
The Chamber has actively engaged Gold Coast Refinery, Rand Refinery, and Royal Refinery as part of a deliberate strategy to build the technical and institutional foundations required for LBMA accreditation . Under an agreement signed in January 2026, Ghana is to locally refine one metric tonne of gold from artisanal small-scale mining operations each week, equivalent to 52,000 kilogrammes of gold annually, with a vision of refining mineral from large-scale companies in the future .
Call for Competitiveness
Ashigbey cautioned, however, that Ghana’s local refining capacity needs further work to ensure it can operate competitively on the global stage.
“The thing about all of this is that we also, there are things that we need to do to make sure that our refinery in this country is also competitive, so that if we are refining in this country, we’re doing that very competitively,” he said .
Details of the Directive
Under the new directive, all refining must be undertaken at a refinery approved or designated by GoldBod in accordance with regulatory requirements . The Board has reserved the right to determine the refinery to be used for particular consignments and to issue additional operational directives governing the process .
The cost of refining will be borne by either the SFA or the approved offtaker, depending on their commercial arrangement, and must be paid or settled before the refined gold is exported . The directive requires SFAs to review and amend all existing offtake agreements by August 31, 2026, to incorporate the mandatory local refining requirement .
From September 1, GoldBod will only process export requests after confirming that the gold has been refined in Ghana, refining charges have been settled, and all assay, regulatory and export requirements have been met .
Sanctions for Non-Compliance
The Board warned that exporting or attempting to export unrefined gold doré will constitute a breach of the conditions of an SFA licence . Non-compliant operators could face sanctions, including refusal or suspension of export approvals, suspension or revocation of licences, administrative sanctions, and other enforcement measures under the Ghana Gold Board Act, 2025 (Act 1140) and applicable regulations .
Background and Strategic Context
The directive forms part of GoldBod’s broader mandate under the Ghana Gold Board Act, 2025 (Act 1140), which empowers the Board to regulate the purchase, sale, refining, value addition, and export of gold in the country . It also aligns with the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which targets foreign reserves equivalent to 15 months of import cover by the end of 2028 .
Under a memorandum of understanding signed on August 13, 2026, the government agreed to purchase 30% of gold output from large-scale mining companies under GANRAP . The agreement, which took effect on July 1, 2026, requires large-scale miners to sell the 30% allocation to GoldBod in doré form at a 0.55% discount, with payments made in Ghanaian cedis using the Bank of Ghana’s reference rate .
All doré gold acquired by GoldBod will be refined locally to retain value, then shipped to an LBMA-accredited refinery for melting and stamping before delivery to the Bank of Ghana as part of the country’s gold reserves . The policy also aligns with President John Mahama’s stated goal of achieving zero raw mineral exports by 2030 .
Ghana, Africa’s largest gold producer, reached a record 6 million ounces of production in 2025 . The country inaugurated the Royal Ghana Gold Refinery in Accra in August 2024, its first refinery in which the state holds a stake, with the capacity to process 400 kilogrammes of gold per day .
The Chamber’s support for the directive signals continued industry cooperation with government efforts to capture greater value from Ghana’s gold resources, as the country positions itself to become a gold refining hub in the West African sub-region .
