A new regulatory framework governing Ghana’s gold trade has taken effect under the Ghana Gold Board (GoldBod), introducing stricter approval requirements for Self-Financing Aggregators (SFAs) before they can engage gold off-takers.
The new measures are intended to strengthen transparency, improve regulatory oversight and reinforce compliance across Ghana’s gold trading sector.
According to GoldBod, all Self-Financing Aggregators must now obtain regulatory approval before entering into any commercial relationship with prospective off-takers.
New Approval Process Introduced
Under the new framework, aggregators are required to submit the details of prospective off-takers to GoldBod for Know Your Customer (KYC), Anti-Money Laundering (AML) and financial due diligence assessments.
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Only off-takers that successfully complete the regulatory checks will qualify to conduct business under the new regime.
GoldBod also requires aggregators to obtain an additional approval before every approved transaction proceeds.
Structured Trading Process
The framework introduces a standardized process for handling gold transactions.
Approved off-takers will transfer foreign currency purchase funds in accordance with GoldBod’s trading requirements, after which the regulator will convert the funds into cedis using the applicable Bank of Ghana reference exchange rate before transferring the proceeds to aggregators.
GoldBod will subsequently conduct assay and verification of the gold before facilitating export.
GoldBod Clarifies Its Role
The regulator emphasized that it will not participate in the commercial agreements between aggregators and off-takers.
GoldBod stated that it neither guarantees the financial standing of buyers nor assumes responsibility for payment obligations, contractual arrangements, or the commercial success of any transaction.
The Board stressed that its role remains purely regulatory and administrative.
Aggregators Responsible for Transactions
GoldBod said Self-Financing Aggregators will bear full responsibility for all commercial agreements entered into with approved off-takers.
Operators will also be required to indemnify the regulator against any claims arising from private commercial transactions.
Compliance Mandatory
The Board has warned that compliance with the new framework is compulsory for all licensed operators.
According to GoldBod, any breach of the directive could attract sanctions under the Ghana Gold Board Act, 2025 (Act 1140) as well as penalties under operators’ licence conditions.
The regulator says the new framework forms part of broader efforts to improve accountability, strengthen confidence, and promote greater transparency in Ghana’s gold trading industry.
