Ghana Tightens Gold Export Rules, Orders Local Refining Before Shipment
Ghana has tightened its gold export rules, requiring certain exporters to refine gold doré locally before it can be shipped abroad.
The new directive, issued by the Ghana Gold Board, GoldBod, took effect on September 1 and applies to self-financing aggregators and their approved offtakers involved in the export of artisanal gold.
Under the policy, GoldBod will not approve export applications for unrefined gold doré. Refining must take place at a refinery approved or designated by the Board, with applicable refining charges settled before export.
GoldBod says the measure is intended to increase value addition within Ghana, strengthen the country’s refining capacity and ensure that more economic benefits from its gold resources remain in the domestic economy.
The move comes as Ghana seeks to capture more value from its position as Africa’s leading gold producer. The government has also been expanding GoldBod’s role in purchasing and exporting gold, while pursuing a broader policy of reducing the export of raw minerals.
Ghana has set an ambition of achieving at least one locally accredited London Bullion Market Association refinery by 2030, as part of efforts to build domestic refining capacity.
The policy marks another step in Ghana’s push to move beyond exporting raw mineral resources and retain a larger share of the processing, jobs and revenue generated by its gold industry.
