Ghana Moves to End Unrefined Gold Exports, Sets September 1 Deadline

Ghana is tightening controls over its gold industry by requiring all gold ore to be refined locally before it can be exported, in a move aimed at keeping more value from the country’s lucrative gold sector within its borders.

The Ghana Gold Board (GoldBod) issued the directive through its Compliance Directorate on August 24, 2026, with the new requirement taking effect on 1 September.

The measure applies to Self-Financing Aggregators (SFAs) operating under arrangements with GoldBod-approved offtakers. Under the new rules, SFAs must ensure that gold doré is processed at a refinery approved or designated by GoldBod before applying for export approval.

Existing and new offtake agreements must include provisions requiring gold to undergo local refining before export. Existing agreements must be amended by August 31 to comply with the directive.

GoldBod said it may require evidence that the necessary amendments have been made before allowing exports to proceed.

The cost of refining will be covered by either the SFA or the approved offtaker, depending on the terms of their commercial agreement. Refining charges must be settled before the refined gold can be exported.

GoldBod will only approve an export request after verifying that the gold has been refined locally and that all applicable refining costs, assay procedures, regulatory requirements and export conditions have been met.

Push for greater local value addition

The directive forms part of Ghana’s broader effort to increase local participation and value addition in its gold industry.

Rather than exporting gold in a relatively unprocessed form and allowing more of the downstream value to be captured overseas, the government wants more processing and refining activity to take place domestically.

The policy is being implemented under the Ghana Gold Board Act, 2025 (Act 1140), which expanded GoldBod’s responsibilities to include the purchase, sale, refining, value addition and export of gold.

Ghana, Africa’s largest gold producer, has in recent years strengthened state oversight of the sector through GoldBod as it seeks to reorganise gold trading, improve regulation and increase the country’s share of the economic benefits generated by its gold resources.

Additional Reporting from Business Insider Africa.