Ghana Bans Unrefined Gold Exports From September 1 to Boost Domestic Refining

Ghana will ban the export of unrefined artisanal gold dore from September 1, 2026, requiring all such gold to be refined locally before it can be shipped out of the country. The directive was issued by the Ghana Gold Board (GoldBod) on August 24, 2026, as Africa’s largest gold producer moves to capture more value from its gold resources and expand domestic refining capacity.

Under the new directive, artisanal gold dore purchased by Self-Financing Aggregators (SFAs) under arrangements with approved off-takers can no longer be exported in its unrefined form. SFAs, which are licensed gold buyers that use their own funds to purchase gold, must now ensure that the gold is processed at a refinery approved or designated by GoldBod before an export application can be considered. Export applications will only be processed once local refining has been completed, refining charges have been paid, and all regulatory and export requirements have been satisfied. The cost of refining will be borne by either the aggregator or the approved off-taker.

Self-Financing Aggregators have until August 31 to amend existing off-take agreements to reflect the new local refining requirement. Companies that fail to comply could face sanctions, including the revocation of their licences.

The directive is the latest step in GoldBod’s tightening grip on Ghana’s vast artisanal gold sector. GoldBod, established under the Ghana Gold Board Act, 2025 (Act 1140), is the state-owned gold trading and regulatory body with exclusive rights to buy, sell, assay, value and export gold and other precious minerals. It began operations in 2025 as the sole authorised buyer and exporter of artisanal gold. The move is part of a wider series of policies designed to use Ghana’s gold production to strengthen foreign exchange reserves and retain more value domestically.

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In August 2024, Ghana inaugurated the Royal Ghana Gold Refinery in Accra, its first refinery in which the state holds a stake. Under a separate arrangement, from July 1, 2026, Ghana began purchasing 30 per cent of the gold produced by large-scale mining companies through GoldBod under an agreement with the Ghana Chamber of Mines. The Chamber of Mines has welcomed the new directive for artisanal gold, describing it as a positive step that will help retain more value in Ghana.

Ghana’s latest move mirrors a broader regional push across West Africa to retain more value from mineral exports. In June 2026, Guinea banned the export of raw gold, requiring all industrial and artisanal miners to process the precious metal domestically before shipping. Guinea’s government said the policy was aimed at ensuring that all extracted gold is processed into ingots at a newly constructed refinery in Conakry.

GoldBod exported 104 metric tons of artisanal gold in 2025 and expects to match or exceed that volume this year. Ghana, Africa’s largest gold producer, saw its production reach a record 6 million ounces in 2025, further increasing the economic importance of policies aimed at capturing more value locally.

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