Ghana Closes Loophole, Bans Unrefined Gold Exports

​A Bold Regulatory Shift

​In a decisive push to retain maximum economic value from its mineral wealth, the Ghana Gold Board (GoldBod) has issued a strict directive banning the export of unrefined gold doré starting September 1. The policy forces all Self-Financing Aggregators (SFAs) and their international or local offtakers to process their metal domestically before shipping it abroad.

​The mandate, anchored under the Ghana Gold Board Act, 2025 (Act 1140), targets a massive segment of the nation’s trade—particularly the artisanal and small-scale gold export streams that accounted for over 100 metric tons of trade in recent years.

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​Key Rules for Industry Players

• ​Contract Adjustments: All current commercial and offtake agreements must be formally amended by August 31 to explicitly feature mandatory local refining clauses.

• ​Designated Refineries: GoldBod retains the sole prerogative to designate or approve which local facilities handle specific consignments.

• ​Gated Export Approvals: Effective September 1, customs and regulatory clearance will only be greenlit after GoldBod verifies that local refining has occurred, all fees are settled, and mandatory assay standards are met.

​Severe Penalties for Non-Compliance

​GoldBod has warned that shipping or attempting to export unrefined gold doré will be treated as an immediate, direct breach of operating licenses. Violators face severe disciplinary measures, including the outright revocation of operating permits, suspension of export privileges, and heavy administrative sanctions.

​By forcing the processing stage onto domestic soil, Accra aims to secure thousands of ancillary jobs, boost technical capacity within local refineries, and ensure transparent revenue generation across the entire precious metals value chain.