Ghana is requiring certain gold exporters to refine gold dore locally before it can be shipped abroad, effective September 1. This move aims to retain more value generated by the country's gold industry within Ghana. The Ghana Gold Board (GoldBod) has barred Self-Financing Aggregators (SFAs) from exporting gold dore purchased under arrangements with approved offtakers unless it is first refined in Ghana. Dore is semi-refined gold that requires further processing before it can be turned into bullion.
The directive, issued by GoldBod’s Compliance Directorate on August 24, implements the Ghana Gold Board Act, 2025 (Act 1140), which established GoldBod as the authority overseeing the buying, selling, assaying, refining, and export of gold in Ghana. Clement Edem Asare Morjah, chief executive of United Gold International Limited, a licensed SFA, stated that the policy marks a significant change in how Ghana manages its gold resources. He noted that refining gold locally could allow Ghanaian companies to capture margins that have historically gone to overseas processors.
Morjah explained that the cost in the value chain between refining and raw processed gold has historically resulted in lost margins to foreign entities. He emphasized that this is the first time a deliberate government policy is attempting to address this issue. However, he also mentioned that the short notice of the policy has created challenges for companies with existing contracts, which may need to be amended. GoldBod required SFAs to amend existing offtake agreements by August 31, and export applications will only be processed after GoldBod confirms that the gold has been refined locally and all regulatory requirements have been met.
Prince Kwame Minkah, GoldBod’s media relations officer, stated that the policy is intended to ensure Ghana captures more economic benefits from its gold production. He highlighted that Ghana is one of the top gold-producing countries globally and that maximizing national benefits is essential. Minkah noted that the policy aligns with President John Mahama’s vision for 2030, which aims for Ghana's natural resources to be exported with a certain level of value addition. He added that local refining could create jobs, reduce costs paid overseas for processing, and provide refined gold for industries such as jewelry manufacturing.
GoldBod also plans to develop a gold village modeled after Dubai’s Gold Souk. Ghana has four licensed gold refineries, including Gold Coast Refinery and Royal Ghana Gold Refinery. Gold Coast Refinery, which opened in 2016, has a stated capacity of up to two tonnes a week, while Royal Ghana Gold Refinery, commissioned in August 2024, has a daily capacity of 400 kilograms (882 pounds). GoldBod has supply agreements with both refineries, supplying at least one metric tonne of gold a week to Gold Coast Refinery, which is also in partnership with South Africa’s Rand Refinery.
In 2025, Ghana produced nearly six million ounces, or about 185 tonnes, of gold, with small-scale mining accounting for about 3.1 million ounces (96 tonnes), an increase from 1.9 million ounces (59 tonnes) the previous year. Gold export earnings reached about $20 billion in 2025, nearly double the $10.3 billion recorded in 2024, while total merchandise exports stood at about $31.1 billion. This surge has increased the government’s focus on bringing more of the gold value chain under domestic control.
George Darkwa, a gold and mineral expert, described the refining requirement as a positive development for the industry, enhancing value retention and formalization. He urged foreign investors to support Ghana’s efforts to develop its domestic gold industry. GoldBod stated that exporting, or attempting to export, unrefined dore in violation of the new requirements would breach license conditions, with possible sanctions including the refusal or suspension of export approvals, suspension or revocation of licenses, administrative penalties, and other enforcement measures.
Morjah added that the benefits of local refining could extend beyond the companies directly affected by the new rule, as refined gold meets recognized standards, making its quality and value more predictable. He concluded, "Give it time. Everybody will understand the benefit. When you’re doing business, you don’t only think about your individual benefit as a company. You must think about the body corporate as a nation."