The Ghana Gold Board (GoldBod) has announced the implementation of a new gold pricing framework based on the London Bullion Market Association (LBMA) benchmark, introducing a dual daily pricing system aimed at enhancing transparency and alignment with international market standards.

In a statement issued on Wednesday, July 1, GoldBod confirmed that the new regime, which takes effect immediately, applies to all licensed gold buyers and licensed miners, as well as stakeholders across the gold trading sector.

Under the revised system, GoldBod will publish two official gold purchase prices each trading day, reflecting global benchmark movements captured in the LBMA AM and PM pricing windows.

The move is intended to ensure that domestic gold pricing more closely mirrors international market fluctuations, which are typically assessed twice daily in London.

The new framework sets out clearly structured pricing periods as follows:

• AM Pricing Window: 9:30 a.m. – 2:20 p.m.
• PM Pricing Window: 2:30 p.m. – 9:20 a.m. (the following day)

The structure effectively divides the trading day into two distinct pricing phases, enabling the Board to issue updated purchase prices that reflect global market conditions.

To ensure transactions align with the relevant pricing periods, GoldBod has introduced mandatory real-time booking rules for all gold purchases.

The designated booking windows are:

• AM Booking Window: 9:30 a.m. – 2:20 p.m.
• PM Booking Window: 2:30 p.m. – 8:30 p.m.
• Additional Window: 6:00 a.m. – 9:20 a.m. (the following day)

All transactions must be recorded within these specified periods to qualify for the corresponding pricing cycle.

GoldBod has also established short suspension intervals to facilitate the transition between pricing windows.

Trading and booking activities will be suspended during the following periods:

• 2:21 p.m. – 2:29 p.m.
• 9:21 a.m. – 9:29 a.m.

The Board emphasised that no transactions or bookings will be accepted during these intervals, with trading resuming immediately afterwards.

Under the new system, GoldBod has made real-time booking a mandatory requirement. Any transaction submitted outside the approved booking windows or during suspension periods will be rejected and automatically assigned to the next applicable pricing cycle.

The Board has advised all licensed buyers to reorganise their operational schedules to ensure full compliance with the revised trading framework.

The introduction of the LBMA-linked pricing model is expected to bring greater predictability and alignment with international gold markets, potentially improving pricing efficiency and reducing arbitrage opportunities within the local gold trade.

However, the stricter booking and timing requirements may require significant adjustments from traders and licensed operators accustomed to more flexible trading arrangements.

GoldBod has encouraged all stakeholders to seek clarification through its official communication channels as the new system takes effect, stressing its commitment to ensuring transparency, accountability and improved market discipline within Ghana’s gold trading sector.

"For further information or clarification, stakeholders are encouraged to contact the GoldBod through its official communication channels," the statement concluded.