Ghana Bans Raw Gold Exports, Mandates Local Refining

The directive, issued by the Ghana Gold Board (GoldBod) on August 24, 2026, applies to all Self-Financing Aggregators (SFAs) operating under arrangements with approved offtakers. Gold doré is a semi-refined form of gold produced after mined ore has been processed to separate the precious metal from much of the surrounding material, typically containing gold alongside other metals that must be refined further for higher purity.

What the New Policy Requires

Under the directive, no gold doré will be permitted to leave the country in its unrefined state. All refining must be undertaken at facilities approved or designated by GoldBod in line with applicable regulatory standards, and the Board reserves the right to determine which refinery handles specific gold consignments.

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The cost of refining will be borne by either the Self-Financing Aggregator or the approved offtaker, depending on the terms of their commercial arrangements, and must be settled before the refined gold is exported.

GoldBod will only process export requests after confirming that:

• The gold has been refined in Ghana
• Refining charges have been fully paid or otherwise settled
• All assay, regulatory and export requirements have been met

Existing offtake agreements must be amended by August 31, 2026, to incorporate the new local refining requirement, and GoldBod may request evidence of such amendments at any time.

Enforcement and Penalties

Failure to comply with the new requirement will constitute a breach of licence conditions for Self-Financing Aggregators. Possible sanctions include:

• Refusal or suspension of export approvals
• Suspension or revocation of licences
• Administrative penalties and other enforcement actions permitted under the Ghana Gold Board Act, 2025 (Act 1140)

Industry Backing

The Ghana Chamber of Mines has welcomed the directive, with Chief Executive Officer Ing Ken Ashigbey describing it as "one of the positive steps that we're taking." He noted that the policy builds on an existing arrangement where 30 percent of output from large-scale mines is already refined locally.

"I know that for a while now the Gold Board has been refining a lot of the doré before they export it out. So if we're going to get into that point, then the issue about value retention would improve," Ashigbey said.

He also expressed confidence that large-scale mining companies would work with the government using the existing 30 percent arrangement to gradually build the capacity of local refineries to attain London Bullion Market Association accreditation, "and so that there will be a lot more value retained."

Ghana's Gold Sector

Ghana is Africa's largest gold producer, with production reaching a record 6 million ounces in 2025. The artisanal sector accounted for 104 tonnes of gold exports in 2025, and GoldBod expects to match or exceed that figure in 2026.

The policy builds on earlier measures to capture more value from Ghana's gold resources. In August 2024, Ghana inaugurated the Royal Ghana Gold Refinery in Accra, the first refinery in which the state holds a stake, with capacity to process 400 kilogrammes of gold daily.

From July 1, 2026, Ghana also began purchasing 30 percent of the gold produced by large-scale mining companies through GoldBod under an agreement with the Ghana Chamber of Mines, replacing an earlier framework under which the state sought to purchase 20 percent of miners' annual output.

A Wider African Trend

Ghana's latest move reflects a broader push across Africa to process minerals locally rather than export them in raw or semi-processed form. Countries across the continent are increasingly demanding that the benefits of resource extraction stay within their borders, from cobalt in the Democratic Republic of Congo to lithium in Zimbabwe and gold in Ghana.

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.

With reporting from Reuters, GhanaWeb, CNBC Africa, Nairametrics and GoldBod.