The Ghana Gold Board (GoldBod) has introduced stricter controls over gold trading activities by requiring Self-Financing Aggregators (SFAs) to obtain regulatory clearance before engaging buyers in the gold export value chain.
The new compliance framework, issued by GoldBod’s Compliance Directorate, is aimed at improving transparency, strengthening due diligence and reducing risks associated with Ghana’s gold trade.
Under the directive, SFAs are required to submit details of prospective gold off-takers to GoldBod for assessment before entering into any business arrangement.
The assessment process will include Know Your Customer (KYC) checks, Anti-Money Laundering (AML) reviews and financial due diligence to determine the suitability of potential buyers.
GoldBod said only off-takers who successfully pass the regulatory screening will be permitted to transact with licensed aggregators.
However, approval of an off-taker after the due diligence process does not automatically allow trading to begin. Aggregators will still be required to seek separate clearance from GoldBod before proceeding with transactions.
New Transaction Process Introduced
As part of the new framework, GoldBod has outlined a structured payment and verification process for approved gold transactions.
According to the regulator, approved off-takers will provide foreign currency purchase funds in accordance with GoldBod’s trading requirements. The funds will then be converted into Ghana cedis using the applicable Bank of Ghana reference rate before being transferred to the aggregator.
After the gold purchase is completed, GoldBod will undertake assay and verification processes before facilitating exports.
GoldBod, however, emphasised that its involvement remains limited to regulation and administration and does not extend to commercial agreements between aggregators and buyers.
The Board stated that it would not be considered a party to any financing agreement, purchase contract, sales arrangement, export agreement or payment transaction between aggregators and approved off-takers.
Aggregators Bear Commercial Risks
GoldBod further clarified that its approval of buyers should not be interpreted as a guarantee of their financial capacity or ability to fulfil contractual obligations.
The regulator said it does not guarantee payments by off-takers, supply commitments by aggregators or the profitability of any gold trading arrangement.
It added that Self-Financing Aggregators remain solely responsible for all commercial relationships they establish with approved buyers and must protect GoldBod from any claims arising from such transactions.
GoldBod warned that failure to comply with the new requirements would attract sanctions under the Ghana Gold Board Act, 2025 (Act 1140) and the conditions attached to operators’ licences.
The new measures form part of broader efforts by GoldBod to strengthen oversight of Ghana’s gold sector, promote accountability and ensure that gold trading activities operate within a regulated and transparent framework.
