Amanze Chinonye
Ghana will require Self-Financing Aggregators (SFAs) to refine gold doré locally before it can be exported from Sept. 1, the Ghana Gold Board (GoldBod) said, in a move aimed at increasing domestic value addition in the country’s gold industry, Prime Business Africa reports.
The directive, issued by GoldBod’s Compliance Directorate on Aug. 24, applies to gold doré purchased by SFAs under arrangements with approved off-takers. GoldBod said no unrefined gold doré covered by the directive would be approved for export from Sept. 1.
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GoldBod said the requirement forms part of its mandate under the Ghana Gold Board Act, 2025 (Act 1140), which gives the state agency responsibility for regulating the purchase, sale, refining, value addition and export of gold in Ghana.
Under the new rules, every off-take agreement or commercial arrangement between an SFA and an approved off-taker must expressly provide for the local refining of gold doré before export.
All refining must be carried out at a refinery approved or designated by GoldBod and in accordance with applicable regulatory requirements. The Board said it reserves the right to determine the refinery at which particular gold is processed and to issue additional operational directives governing the refining process.
SFAs have until Aug. 31 to amend existing off-take agreements and related commercial arrangements with approved off-takers to incorporate the new requirement. GoldBod said it may request evidence of the amendments at any time.
The cost of refining will be borne by the SFA or approved off-taker, depending on their commercial arrangements, and applicable refining charges must be paid or otherwise settled before the refined gold is exported.
From Sept. 1, GoldBod said it would process export applications only after confirming that the gold had been refined in Ghana, the applicable refining charges had been settled and all assay, regulatory and export requirements had been met.
GoldBod said the requirement forms part of the conditions attached to SFA licences. The export or attempted export of unrefined gold doré in breach of the directive would constitute a violation of those licence conditions.
Non-compliance could result in the refusal or suspension of export approvals, suspension or revocation of licences, administrative sanctions and other enforcement measures permitted under Act 1140, applicable regulations and GoldBod directives.
Gold doré is a semi-refined form of gold produced after mined ore has undergone initial processing. It still contains impurities and requires further refining to reach higher-purity bullion standards.
The policy is part of Ghana’s broader effort to retain more economic value from its gold resources by expanding domestic processing and refining capacity. Ghana is Africa’s largest gold producer, and the government has been seeking to increase its control over the gold supply chain and reduce the export of gold in less-processed forms.
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GoldBod has described the local-refining requirement as part of efforts to deepen value addition in the gold sector. The move could support the development of Ghana’s refining industry and create additional economic activity around processing, while reducing the need to send semi-refined gold abroad for further treatment.
The policy could also increase costs for some market participants. Ghana’s Association of Small-Scale Miners has said the refining requirement should be assessed not only in terms of additional costs but also for its potential to create jobs and retain value within the country.
The measure underscores Ghana’s push to move beyond the extraction and export of gold towards greater domestic beneficiation, with the government seeking to capture a larger share of the value generated along the gold supply chain.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
