GoldBod Refining Mandate Tests Ghana’s Processing Capacity

Wed Aug 26 2026

Ghana’s Gold Board will bar unrefined artisanal gold exports from September 1, a mandate that arrives just as the country’s sole refinery operates near its processing limit.Geographic Reference

The Ghana Gold Board (GoldBod) said gold doré purchased by Self-Financing Aggregators (SFAs) under approved offtake arrangements can no longer leave the country unrefined from September 1. “No gold doré shall be exported in its unrefined state,” the Board said in a notice, warning that violations would count as a breach of licence conditions.

The timing puts new pressure on Ghana’s nascent refining infrastructure. GoldBod exported about 104 tonnes of artisanal gold in 2025 and is on track to match or exceed that volume this year, according to Reuters. Gold Coast Refinery, the facility currently handling GoldBod’s doré, processes about one tonne a week and has a maximum capacity of two tonnes, meaning this year’s artisanal gold flows alone could test the upper limit of what the refinery can handle.

The refinery has not yet secured certification from the London Bullion Market Association (LBMA), the global benchmark for gold purity and market access, though it operates under a technical partnership with South Africa’s Rand Refinery, the only LBMA-accredited refinery in Africa. Analysts have questioned whether international buyers will still require gold to pass through LBMA-certified refineries abroad regardless of where it is first processed, a scenario that could see Ghana paying refining costs twice.

Under the directive, every offtake agreement between an SFA and an approved buyer must now expressly require local refining before export, and existing contracts must be amended by August 31 to reflect the change. GoldBod said it would designate which refinery handles specific consignments and would clear export requests only after confirming the gold had been refined domestically, refining charges settled, and assay and regulatory requirements met.

The cost of refining falls on the aggregator or offtaker, depending on their commercial arrangement, and must be settled before gold can leave the country. GoldBod said non-compliance, including any attempt to export unrefined doré, would trigger enforcement action ranging from refused export approvals to suspension or revocation of licences.

The mandate is issued under the Ghana Gold Board Act, 2025 (Act 1140), which gives GoldBod authority over the purchase, refining and export of gold nationwide. It follows a separate push to require large-scale mining companies to route a greater share of their output through domestic refineries, part of a broader government strategy to capture more value from gold before it leaves the country.

Whether that strategy holds up will depend on how quickly Ghana can expand refining capacity and secure international accreditation, since a mandate to refine locally counts for little if the world’s bullion markets still treat the gold as needing further processing abroad.

Source: https://newsghana.com.gh/