The Ghana Gold Board (GoldBod) has announced a major shift in Ghana’s gold export regime, directing that gold doré purchased by Self-Financing Aggregators under arrangements with approved offtakers must be refined locally before export beginning September 1, 2026.
The directive effectively ends the export of unrefined artisanal gold doré under such arrangements and represents another major step in Ghana’s push to retain more value from its mineral resources before they leave the country.
Under the new policy, Self-Financing Aggregators will no longer be permitted to export qualifying gold doré in its raw state. The gold must first be processed at a refinery approved or designated by GoldBod before an application for export can receive approval.
GoldBod has also directed affected aggregators to amend their existing agreements with approved international offtakers by August 31, 2026, ensuring that mandatory local refining is incorporated into their commercial arrangements.
According to the Board, export approval will only be granted after confirmation that the gold has been refined in Ghana, applicable refining charges have been settled, and all required assay, regulatory and export conditions have been satisfied. The cost of refining will be borne by either the Self-Financing Aggregator or the approved offtaker, depending on their agreement.
GoldBod has warned that failure to comply with the directive could result in serious sanctions, including refusal or suspension of export approvals, administrative penalties and the suspension or revocation of licences.
The decision comes as Ghana intensifies efforts to move away from exporting raw mineral resources toward domestic processing and value addition. GoldBod had earlier indicated its intention to transition Ghana from exporting unrefined doré bars to refined bullion through partnerships with local refineries.
The move could provide a significant boost to Ghana’s refining industry while creating greater opportunities to retain economic value, improve oversight and strengthen the country’s position within the international gold market.
GoldBod reportedly exported 104 metric tons of artisanal gold in 2025, highlighting the scale of the sector that will be affected by the new refining requirement.
With the September 1 deadline approaching, all eyes will now be on GoldBod, aggregators and local refineries as Ghana enters a new chapter in its efforts to maximize the benefits of its enormous gold wealth.
