Ghana tightens gold exports in push to keep more value at home | News
Ghana Implements New Gold Export Regulations to Enhance Domestic Refining
Accra, Ghana — Ghana’s government has introduced regulations requiring certain gold exporters to refine gold dore locally prior to international shipment. This initiative is designed to ensure that a larger share of the value generated by the nation’s gold industry remains within the country.
As of September 1, the Ghana Gold Board (GoldBod) has prohibited Self-Financing Aggregators (SFAs) from exporting gold dore purchased under agreements with approved offtakers unless the gold is first refined in Ghana. Dore is a semi-refined form of gold that still requires additional processing to be transformed into bullion.
The directive, issued by GoldBod’s Compliance Directorate on August 24, adheres to the Ghana Gold Board Act of 2025 (Act 1140), which established GoldBod as the regulatory authority responsible for overseeing the purchasing, selling, assaying, refining, and exporting of gold in Ghana.
A Focus on Local Refining
Clement Edem Asare Morjah, chief executive of United Gold International Limited, a licensed SFA, stated that the policy represents a substantial shift in how Ghana manages its primary natural resource. “For the first time since independence, we have a government determined to ensure Ghana benefits from our biggest resource, gold,” Morjah said.
He noted that local refining could allow Ghanaian businesses to capture profit margins that have historically been sent abroad. “In the entire value chain between refining and raw processed gold, the money lost has gone predominantly to overseas processors,” he explained. Morjah also acknowledged that the sudden implementation of this policy posed challenges for companies with existing contracts, necessitating potential amendments.
GoldBod has set a deadline for SFAs to update existing offtake agreements by August 31. Export applications will only be processed once GoldBod confirms local refining and compliance with applicable charges and regulatory requirements.
Creating Economic Opportunities
Prince Kwame Minkah, GoldBod’s media relations officer, emphasized that the regulation aims to enhance Ghana’s economic benefits from its gold production. “Ghana is one of the top gold-producing countries globally, so we need to maximize national benefits,” Minkah stated, adding that value addition is crucial for the nation’s economic growth.
He referenced President John Mahama’s vision of ensuring that by 2030, Ghana’s natural resources would be exported with added value. Minkah stated that local refining could generate employment, lessen foreign processing costs, and supply refined gold for local industries, such as jewelry manufacturing. GoldBod also plans to establish a gold village inspired by Dubai’s Gold Souk.
Refining Capacity in Ghana
Ghana currently operates four licensed gold refineries, including Gold Coast Refinery and Royal Ghana Gold Refinery. Gold Coast Refinery, which began operations in 2016, can process up to two tonnes weekly, while Royal Ghana Gold Refinery, which was commissioned in August 2024, has a daily capacity of 400 kilograms.
GoldBod maintains supply agreements with both refineries, committing to provide at least one metric tonne of gold per week to Gold Coast Refinery. This facility has formed a partnership with South Africa’s Rand Refinery. Minkah also mentioned plans to develop what he characterized as “the largest refinery on the African continent” in Ghana.
A Growing Gold Sector
In 2025, Ghana produced nearly six million ounces, approximately 185 tonnes, of gold, with small-scale mining contributing about 3.1 million ounces (96 tonnes), compared to 1.9 million ounces (59 tonnes) the prior year. Gold export earnings reached about $20 billion in 2025, nearly double the $10.3 billion recorded in 2024, signaling an intensified government focus on controlling more aspects of the gold value chain.
George Darkwa, a gold and mineral expert, remarked that the new refining requirement is a positive step for the industry, suggesting it could enhance value retention and encourage formalization. “Foreign investors should support Ghana’s push to develop its domestic gold industry,” he stated.
Enforcement of New Regulations
GoldBod has warned that exporting or attempting to export unrefined dore in violation of the new regulations could result in severe penalties, including the denial or suspension of export approvals and the revocation of licenses.
The board views this directive as a means to bolster regulatory oversight while ensuring more domestic value through refining and related processes. Ultimately, Morjah believes these efforts could positively impact various sectors. Once refined, gold transforms into bullion that meets recognized standards, enhancing its value and predictability.
“Give it time,” Morjah stated. “In business, one should consider not only individual profits but also the broader benefit to the nation.”
