Ghana has begun enforcing a requirement for some gold exporters to refine their gold locally before shipping it abroad, as Africa’s leading producer seeks to retain more value from an industry that generated about $20 billion in export earnings last year.
Since September 1, the Ghana Gold Board (GoldBod) has required Self-Financing Aggregators to refine gold doré in Ghana before exporting it under arrangements with approved offtakers.
The rule, issued on August 24 under the Ghana Gold Board Act, 2025, gives effect to GoldBod’s mandate over the purchase, sale, refining, value addition and export of gold.
Export applications are now processed only after the gold has been refined locally and other regulatory requirements have been met.
GoldBod said the policy is intended to keep more value from Ghana’s gold industry within the country.
“Ghana is one of the top gold-producing countries in the world, so we need to truly maximise national benefits,” GoldBod media relations officer Prince Kwame Minkah said. “Value addition is key.”
The regulator has also warned that exporters who breach the requirement could face “refusal or suspension of export approvals, suspension or revocation of licences, administrative sanctions and other enforcement measures”.
Al Jazeera quoted Clement Edem Asare Morjah, chief executive of United Gold International Limited, as saying the policy could help Ghana retain more value from its gold industry.
“For the first time since independence, we have a government determined to make sure Ghana benefits from our biggest resource, gold,” he said.
“In the entire value chain between refining and raw processed gold, the cost in between is a lot of margins. Historically, we have lost this to the outside world for decades. This is the first time deliberate government policy is trying to address this anomaly,” he added.
Ghana seeks more value from its gold boom
The refining requirement has taken effect after a record year in which Ghana produced nearly six million ounces, or about 185 tonnes, of gold, including 3.1 million ounces from small-scale mining.
That output put Ghana ahead of the United States, which produced about 160 tonnes in 2025.
Gold export earnings reached about $20 billion in 2025, nearly double the $10.3 billion recorded in 2024, while gold accounted for the largest share of Ghana’s record $31.1 billion in merchandise exports.
The momentum has continued into 2026, supported by high bullion prices. Gold was trading at about $4,468 an ounce on September 4 after rising sharply over the past year.
Meanwhile, GoldBod said it generated $1.315 billion in foreign exchange from artisanal and small-scale gold operations in August alone.
Ghana expands domestic refining
The new requirement is being implemented through Ghana’s existing refining network. The country has four licensed gold refineries, including Gold Coast Refinery and Royal Ghana Gold Refinery.
Gold Coast has a stated capacity of up to two tonnes a week, while Royal Ghana can process about 400 kilogrammes a day.
The government is using the policy to keep more processing margins at home, support jobs and increase the supply of refined gold for industries such as jewellery manufacturing.
GoldBod is also taking a larger role in reserve accumulation, with arrangements to secure 30% of Ghana’s large-scale gold production for strategic reserves and local refining.