Ghana mandates local refining of gold dore to retain more value domestically
The Ghana Gold Board now requires certain exporters to refine gold dore within the country before it can be shipped abroad, effective September 1.
From September 1, the Ghana Gold Board barred Self-Financing Aggregators from exporting gold dore unless it is first refined in Ghana, invoking the Ghana Gold Board Act of 2025. Officials say the measure will capture a larger share of the gold industry’s earnings and aligns with President John Mahama’s vision of adding value to natural-resource exports by 2030. United Gold International’s chief executive Clement Edem Asare Morjah welcomed the policy but warned that the abrupt timeline forces firms to renegotiate contracts.
GoldBod’s media officer Prince Kwame Minkah highlighted potential job creation, reduced foreign processing fees, and plans for a “gold village” modeled on Dubai’s Gold Souk. Ghana currently operates four licensed refineries, including the newly commissioned Royal Ghana Gold Refinery, and aims to become a regional refining hub. Violations could lead to licence suspensions or other penalties.
Why it matters
The rule could increase Ghana's earnings and jobs by keeping more gold-related profits inside the country.
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