Ghana mandates local refining of gold dore before export

Ghana has implemented a new policy requiring certain gold exporters to refine gold dore locally before it can be shipped abroad. Effective September 1, the directive was issued by the Ghana Gold Board (GoldBod) Compliance Directorate.

Under the Ghana Gold Board Act, 2025 (Act 1140), Self-Financing Aggregators (SFAs) are barred from exporting gold dore purchased under arrangements with approved offtakers unless the material is first refined within the country. Gold dore is a semi-refined product that requires further processing to become bullion.

The move is intended to ensure the country retains more of the economic value generated by its gold industry. Clement Edem Asare Morjah, CEO of United Gold International Limited, noted that the policy aims to allow Ghanaian companies to capture margins that have historically been lost to overseas processors. However, the short notice of the directive has reportedly created challenges for companies with existing contracts.