Ghana will stop the export of unrefined artisanal gold doré from September 1, 2026, as the country moves to capture more value from its gold resources through domestic refining.
The Ghana Gold Board (GoldBod) issued the directive on August 24, requiring gold doré purchased by self-financing aggregators under approved off-take arrangements to be refined in Ghana before it can be exported.
The policy marks another step in Ghana’s broader effort to develop a domestic gold-processing industry, increase value retention and strengthen the country’s foreign-exchange position. Reuters reported that the directive effectively prohibits the export of unrefined doré under the affected arrangements. (Reuters)
Gold doré is a semi-refined form of gold produced after mined ore has been processed to remove much of the surrounding material. It still contains other metals and normally undergoes further refining before reaching higher-purity bullion standards.
Under the new rules, GoldBod will only consider an export application after confirming that the gold has been refined at a refinery approved or designated by the board. Refining charges must also have been paid, while all applicable assay, regulatory and export requirements must be satisfied. The cost of refining will be borne by either the self-financing aggregator or the approved off-taker.
Self-financing aggregators have until August 31 to amend their existing off-take agreements to incorporate the local-refining requirement. GoldBod warned that failure to comply could attract sanctions, including the revocation of licences. The agency exported 104 metric tonnes of artisanal gold in 2025 and is on course to match or exceed that volume in 2026, according to Reuters.
Ghana Gold Supply Restrictions
The directive comes as Ghana tightens its control over the gold supply chain. GoldBod, established under the Ghana Gold Board Act, 2025 (Act 1140), is the country’s central authority for the buying, selling, weighing, grading, assaying, valuing and export of gold and other precious minerals.
From July 1, GoldBod began purchasing 30% of the gold output of large-scale mining companies under an agreement with the Ghana Chamber of Mines. The gold is purchased in doré form and is intended to be refined locally before being processed further and incorporated into Ghana’s reserves.
GoldBod said the large-scale mining arrangement is designed to support Ghana’s Accelerated National Reserve Accumulation Programme and the government’s ambition of achieving zero raw mineral exports by 2030. It also aims to help Ghana secure accreditation for at least one local gold refinery to London Bullion Market Association standards by 2030.
The country has also introduced tighter standards for gold valuation. From September 1, GoldBod will make X-Ray Fluorescence (XRF) assay the mandatory method for determining gold purity in purchases by the board and its licensed buyers. The measure is intended to improve accuracy and transparency in the gold-trading chain.
Ghana is Africa’s largest gold producer, and the government increasingly sees the mineral not only as an export commodity but as an instrument for building foreign-exchange reserves and developing downstream industrial capacity.
