The Ghana Gold Board (GOLDBOD) has introduced a new compliance framework requiring all Self-Financing Aggregators (SFAs) to obtain regulatory approval before engaging gold off-takers.
The move, issued by GOLDBOD's Compliance Directorate, aims to tighten oversight of Ghana's gold trade and increase transparency across the sector.
Under the new guidelines, aggregators must first submit the details of any prospective off-taker for Know Your Customer (KYC), Anti-Money Laundering (AML), and financial due diligence checks before starting a commercial relationship.
Only off-takers that pass GOLDBOD's regulatory assessment will be eligible to transact. Furthermore, aggregators must secure separate approval from GOLDBOD before trading with an approved buyer.
The framework outlines a structured transaction process: approved off-takers will remit foreign currency purchase funds according to GOLDBOD’s trading conditions. GOLDBOD will then convert these funds into Ghanaian cedis using the applicable Bank of Ghana (BoG) reference rate and transfer the proceeds to the aggregator. Once the gold is purchased, GOLDBOD will perform an assay and verification before facilitating the export.
The regulator explicitly clarified that its role remains administrative and regulatory, distancing itself from any commercial or financial arrangements. GoldBod stated that it “is not and shall not be deemed to be a party to any financing arrangement, purchase agreement, sales contract, export contract, payment arrangement or any other commercial relationship” between aggregators and approved off-takers.
Additionally, GOLDBOD noted that it does not guarantee the financial standing of buyers, the payment obligations of off-takers, the supply commitments of aggregators, or the commercial success of any transaction. Self-Financing Aggregators will bear sole responsibility for their contracts and must indemnify GoldBod against any claims arising from those transactions.
Compliance with the new directive is mandatory. GOLDBOD warned that any breach will attract regulatory sanctions under the Ghana Gold Board Act, 2025 (Act 1140) and the terms of operators' licenses.
