The Ghana Gold Board (GoldBod) has directed all Self-Financing Aggregators (SFAs) to refine gold doré locally before it can be exported from Ghana in a move aimed at deepening value addition in the country’s gold industry.

The directive, contained in a compliance notice dated August 24, 2026, takes effect September 1, 2026, and applies to all SFAs and their approved offtakers.

Under the new requirement, SFAs will no longer be permitted to export gold doré in its unrefined form. Every offtake agreement or commercial arrangement between an SFA and an approved offtaker must expressly provide for the gold to be refined in Ghana before export.

The directive forms part of GoldBod’s mandate under the Ghana Gold Board Act, 2025 (Act 1140) to regulate the purchase, sale, refining, value addition and export of gold in the country.

Approved refineries

GoldBod said all refining must be carried out at a refinery approved or designated by the Board in accordance with applicable regulatory requirements.

The Board has also reserved the right to determine the refinery to be used for particular gold consignments and to issue additional operational directives governing the refining process.

The cost of refining will be borne by either the SFA or the approved offtaker, depending on their commercial arrangement.

GoldBod said the applicable refining charges must be paid or otherwise settled before the refined gold is exported.

Existing contracts must be amended

The new directive also requires SFAs to review their existing commercial arrangements with approved offtakers.

All existing offtake agreements must be amended by August 31, 2026 to incorporate the mandatory local refining requirement. GoldBod said it may request evidence of such amendments at any time.

From September 1, GoldBod will only process export requests after confirming that the gold has been refined in Ghana, the applicable 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 license.

Non-compliant operators could face regulatory sanctions, including refusal or suspension of export approvals, suspension or revocation of licences, administrative sanctions and other enforcement measures permitted under the Ghana Gold Board Act, applicable regulations and GoldBod directives.

The latest directive represents a further step by GoldBod to strengthen regulation of Ghana's gold trade and ensure that more value is retained within the domestic economy through refining and value addition before gold leaves the country.