Ghana has introduced stricter rules for certain gold exporters as the government seeks to keep more of the economic benefits from the country’s gold industry within the country.
Under a directive from the Ghana Gold Board (GoldBod), Self-Financing Aggregators must now have gold doré refined in Ghana before it can be exported. The requirement took effect on September 1, 2026.
Gold doré is partially processed gold that still requires further refining before becoming bullion. GoldBod says export applications will only be approved after the gold has been refined at an approved facility, applicable charges have been settled and other regulatory requirements have been met.
The policy is part of Ghana’s broader effort to move beyond exporting minerals in relatively raw forms and develop more activity around local processing and value addition. Officials say refining domestically could create employment, support the jewellery industry and reduce payments to overseas refiners.
Ghana’s gold sector has expanded significantly. The country produced almost 185 tonnes of gold in 2025, with small-scale mining accounting for about 96 tonnes. Gold export earnings reached approximately $20 billion, compared with $10.3 billion the previous year.
The country currently has several licensed refineries. Gold Coast Refinery has a stated capacity of up to two tonnes per week, while Royal Ghana Gold Refinery, commissioned in 2024, can process about 400 kilograms per day. GoldBod has supply arrangements with both facilities.
GoldBod has warned that companies that attempt to export unrefined doré in violation of the new requirements could face enforcement action, including suspension or withdrawal of export approvals and licences.
The changes come as Ghana also seeks to use its gold sector more strategically in the wider economy. GoldBod reported generating $1.315 billion in foreign exchange during August, with funds directed toward commercial banks and the Bank of Ghana’s reserve accumulationefforts.
The government’s wider objective is to ensure that Ghana captures a larger share of the value created after gold leaves the mine, rather than relying mainly on the export of partially processed material.