Ghana has taken a decisive step in its long-running effort to capture more value from its gold sector, as the Ghana Gold Board (GoldBod) issues a directive banning the export of unrefined gold doré effective September 1, 2026 .
The directive, issued under the Ghana Gold Board Act, 2025 (Act 1140), applies to all Self-Financing Aggregators (SFAs) and approved Offtakers. It mandates that every ounce of gold doré purchased by SFAs must be processed at a refinery approved or designated by GoldBod before any export approval can be granted . The move represents a fundamental shift in Ghana’s gold trade architecture, transitioning the country from a raw material exporter to a refining hub.
The New Mandate
Under the new regulations, no gold doré will be permitted to leave Ghana in its unrefined state. Every offtake agreement between an SFA and an approved Offtaker must now explicitly include a provision for mandatory local refining . SFAs have been given until August 31, 2026, to amend all existing agreements to incorporate this requirement, with GoldBod reserving the right to request evidence of such amendments .
The cost of refining will be borne by either the SFA or the approved Offtaker, depending on their commercial arrangement, and must be settled before the refined gold can be exported . GoldBod will only process export requests after confirming that the gold has been refined locally, applicable refining charges have been settled, and all assay, regulatory, and export requirements have been met .
Sanctions for Non-Compliance
Failure to comply with the directive will be treated as a breach of an SFA’s licence conditions. GoldBod has warned that violations could attract severe sanctions, including :
· Refusal or suspension of export approvals
· Suspension or revocation of licences
· Administrative sanctions
· Other enforcement measures permitted under Ghana’s gold laws
The Economic Rationale
The directive is the latest in a series of measures designed to ensure Ghana retains greater economic value from its gold resources. GoldBod CEO Sammy Gyamfi has consistently argued that local refining is an economic imperative, not just a technical process .
“When purity is not preserved, the final refined product can lose significant portions of its value. We cannot continue to export our gold at a loss,” he stated .
Currently, Ghana forgoes substantial revenue by exporting raw gold, losing out on refining charges, silver recovery, and other valuable by-products . The government estimates that Ghana’s annual gold output from both small-scale and large-scale mining exceeds 200 metric tonnes, providing sufficient volume to sustain intensive domestic refining activity .
Building Refining Infrastructure
Ghana’s push for local refining has been underpinned by strategic partnerships to build domestic capacity. In February 2026, GoldBod signed its first refining agreement with Gold Coast Refinery Company Limited, a Free Zone Enterprise, described as the first-ever local gold refining arrangement between the Government of Ghana and a Ghana-based refinery .
This was followed in May 2026 by a second agreement with Royal Ghana Gold Refinery Limited, under which GoldBod will supply up to one metric tonne of gold every week for processing . The Bank of Ghana holds a minority stake in the refinery, with Governor Dr. Johnson Asiama reaffirming the Central Bank’s support for the initiative .
Both refiners are working towards London Bullion Market Association (LBMA) accreditation, which would position Ghana competitively within the global refining industry .
Broader Regulatory Framework
The local refining mandate builds on a compliance framework introduced in July 2026, which requires all SFAs to obtain GoldBod approval before engaging any gold offtaker . Under those guidelines, aggregators must submit prospective offtakers for Know Your Customer (KYC), Anti-Money Laundering (AML), and financial due diligence before any commercial relationship can commence .
GoldBod has emphasised that its role remains strictly regulatory and administrative, distancing itself from commercial arrangements between aggregators and buyers. The Board does not guarantee the financial standing of any buyer or the payment obligations of offtakers .
A National Vision
The directive represents a key milestone in President John Dramani Mahama’s vision to ensure that by 2030, all mineral resources mined in Ghana are refined locally before export .
Bank of Ghana Governor Dr. Johnson Asiama has thrown his weight behind the initiative, describing aggressive local processing of gold as “a strategy that is long overdue.” He noted that processing gold, cocoa, and oil locally could trigger a major turnaround in Ghana’s balance of payments while boosting government revenue and creating jobs .
Ghana’s gold exports increased from approximately 63.8 tonnes in 2024 to nearly 104 tonnes in 2025, with the artisanal and small-scale mining sector contributing almost half of total exports . The new directive ensures that a greater share of the value derived from these exports remains within Ghana’s borders.
