Ghana tightens gold exports in push to keep more value at home

Accra, Ghana – Ghana is requiring definite golden exporters to refine golden dore locally earlier it tin beryllium shipped abroad, successful a determination aimed astatine keeping much of the worth generated by the country’s golden manufacture astatine home.

Effective September 1, the Ghana Gold Board (GoldBod) barred Self-Financing Aggregators (SFAs) from exporting golden dore purchased nether arrangements with approved offtakers unless it is archetypal refined successful Ghana.

Dore is semi-refined golden that requires further processing earlier it tin beryllium turned into bullion.

The directive, issued by GoldBod’s Compliance Directorate connected August 24, implements the Ghana Gold Board Act, 2025 (Act 1140), which established GoldBod arsenic the authorization overseeing the buying, selling, assaying, refining and export of golden successful Ghana.

A propulsion for section value

For Clement Edem Asare Morjah, main enforcement of United Gold International Limited, a licensed SFA, the argumentation marks a important alteration successful however Ghana handles its astir invaluable earthy resource.

“For the archetypal clip since independence, we person a authorities determined to marque definite Ghana benefits from our biggest resource, gold,” helium said.

Morjah said refining golden locally could let Ghanaian companies to seizure margins that person historically gone to overseas processors.

Gold bars astatine a refinery successful Ghana, arsenic the state moves to grow section processing and clasp much worth from its golden exports [Courtesy of Ghana GoldBod]

“In the full worth concatenation betwixt refining and earthy processed gold, the outgo successful betwixt is simply a batch of margins. Historically, we person mislaid this to the extracurricular satellite for decades. This is the archetypal clip deliberate authorities argumentation is trying to code this anomaly,” Morjah said.

But helium added the abbreviated announcement had created challenges for companies with existing contracts, which whitethorn present person to beryllium amended.

GoldBod had required SFAs to amend existing offtake agreements by August 31. Export applications would lone beryllium processed aft GoldBod confirms that the golden has been refined locally, applicable charges person been settled and different regulatory requirements person been met.

Building a golden industry

Prince Kwame Minkah, GoldBod’s media relations officer, said the argumentation was intended to guarantee Ghana captured much of the economical benefits from its gold.

“Ghana is 1 of the apical gold-producing countries successful the world, truthful we request to genuinely maximise nationalist benefits,” helium said. “Value summation is key.”

He said the argumentation was accordant with President John Mahama’s imaginativeness that, by 2030, Ghana’s earthy resources should beryllium exported with a definite level of worth addition.

“The worth summation is what volition culminate successful the gathering of a golden manufacture successful Ghana,” Minkah said.

Local refining, helium added, could make jobs, trim the magnitude of wealth paid overseas for processing and supply refined golden for industries specified arsenic jewellery manufacturing.

GoldBod besides plans to make a golden colony modelled connected Dubai’s Gold Souk, helium said.

Ghana’s refining capacity

Ghana has 4 licensed golden refineries, including Gold Coast Refinery and Royal Ghana Gold Refinery.

Gold Coast Refinery, which opened successful 2016, has a stated capableness of up to 2 tonnes a week, portion Royal Ghana Gold Refinery, commissioned successful August 2024, has a regular capableness of 400 kilogrammes (882 pounds).

Ghana’s Finance Minister Cassiel Ato Baah Forson, centre, and GoldBod CEO Sammy Gyamfi, 2nd right, clasp refined golden bars during a sojourn to Gold Coast Refinery [Courtesy of Ghana GoldBod]

GoldBod has proviso agreements with some refineries. Under its statement with Gold Coast Refinery, GoldBod supplies astatine slightest 1 metric tonne of golden a week.

Gold Coast Refinery is besides successful concern with South Africa’s Rand Refinery.

Minkah said GoldBod was gathering what helium described arsenic “the largest refinery connected the African continent” successful Ghana.

A booming golden sector

Ghana produced astir six cardinal ounces, oregon astir 185 tonnes, of golden successful 2025, with small-scale mining accounting for astir 3.1 cardinal ounces (96 tonnes), up from 1.9 cardinal ounces (59 tonnes) the erstwhile year.

Gold export net reached astir $20bn successful 2025, astir treble the $10.3bn recorded successful 2024, portion full merchandise exports stood astatine astir $31.1bn.

The surge has accrued the government’s absorption connected bringing much of the golden worth concatenation nether home control.

George Darkwa, a golden and mineral expert, said the refining request was a affirmative improvement for the industry.

“It is simply a affirmative determination that volition heighten worth retention and formalisation,” helium said, urging overseas investors to enactment Ghana’s efforts to make its home golden industry.

Tougher enforcement

GoldBod said exporting, oregon attempting to export, unrefined dore successful breach of the caller requirements would interruption licence conditions.

Possible sanctions see the refusal oregon suspension of export approvals, suspension oregon revocation of licences, administrative penalties and different enforcement measures.

Gold undergoes processing astatine a refinery successful Ghana, wherever earthy dore is transformed into a much refined signifier [Courtesy of Ghana GoldBod]

The committee said the directive was intended to fortify regularisation portion retaining much home worth done refining and different forms of worth addition.

For Morjah, the benefits could yet widen beyond the companies straight affected by the caller rule.

Once refined, golden becomes bullion that tin conscionable recognised standards, helium said, making its prime and worth much predictable.

“Give it time,” Morjah said. “Everybody volition recognize the benefit. When you’re doing business, you don’t lone deliberation astir your idiosyncratic payment arsenic a company. You indispensable deliberation astir the assemblage firm arsenic a nation.”