September 1, As the Country Moves to Retain More Value From Its Fast-growing Small-scale Mining Industry in Ghana

The new rule, issued by the Ghana Gold Board, known as GoldBod, means gold doré purchased under arrangements with approved off-takers can no longer be exported in unrefined form. GoldBod said export applications will only be considered after the gold has been refined at a refinery approved or designated by the board and all applicable charges and regulatory requirements have been met. The directive requires self-financing aggregators, which are licensed gold buyers that use their own funds to purchase gold, to amend existing off-take agreements with approved buyers by August 31 to reflect the new local refining requirement.

According to GoldBod, exports will only be authorised after the board confirms that the gold was refined in Ghana, the required refining charges were paid, and all assay, regulatory, and export conditions were satisfied. The cost of refining will be borne by either the aggregator or the approved off-taker, depending on the terms of their agreement. GoldBod warned that failure to comply with the new rules could lead to sanctions, including the revocation of licences.

The move is the latest effort by Ghana to tighten control over its artisanal gold industry and capture more value from a resource central to the country's economy. Ghana, Africa's largest gold producer, established GoldBod last year as the sole authorised buyer and exporter of artisanal gold. The reform was designed to bring greater control to the sector while increasing gold production and foreign exchange inflows.

The latest directive also reflects a wider push across Africa to process minerals locally rather than export them in raw or semi-processed form. GoldBod exported 104 metric tons of artisanal gold in 2025 and is on course to match or exceed that volume this year, underscoring the sector's growing importance to Ghana's foreign exchange earnings. For traders and aggregators, however, the new rule will increase compliance requirements and could add to the cost and time involved in exporting gold.

The policy marks a significant shift in how Ghana manages its artisanal gold trade, balancing the need to increase foreign exchange earnings with a broader effort to ensure more of the economic value from gold production remains within the country. Faith Omoboye is a foreign affairs correspondent with a background in History and International Relations, focusing on African politics, diplomacy, and global governance.