GoldBod tightens gold trade rules with mandatory approval for buyers
Ghana Gold Board has introduced new compliance rules requiring Self-Financing Aggregators to obtain approval before trading with gold buyers as it tightens oversight of the country's gold sector
The Ghana Gold Board (GoldBod) has introduced tougher rules for the country's gold trade, requiring all Self-Financing Aggregators (SFAs) to obtain regulatory approval before doing business with gold buyers.
The new compliance framework is aimed at strengthening oversight of Ghana's gold sector, improving transparency and reinforcing measures against money laundering and illicit trade.
Under the directive, issued by GoldBod's Compliance Directorate, aggregators must submit details of any prospective off-taker for **Know Your Customer (KYC), Anti-Money Laundering (AML) and financial due diligence checks before entering into any commercial relationship.
Only buyers that pass GoldBod's regulatory assessment will be allowed to purchase gold. Even after receiving approval, aggregators must obtain separate authorisation from the regulator before each trading arrangement can proceed.
New payment process
GoldBod has also introduced a revised transaction process under which approved off-takers will transfer foreign currency purchase funds in line with the regulator's trading conditions.
The Board will then convert the funds into Ghana cedis using the applicable Bank of Ghana reference exchange rate before transferring the money to the aggregator to purchase the gold.
After the purchase, GoldBod will carry out assay and verification procedures before facilitating the export of the gold.
No role in commercial agreements
Despite its expanded oversight, GoldBod stressed that it will not be a party to any commercial agreements between aggregators and buyers.
The regulator said it bears no responsibility for financing arrangements, purchase or sales contracts, export agreements or payment obligations between the parties.
It also made clear that it does not guarantee the financial standing of approved off-takers, the payment of buyers, the supply commitments of aggregators or the commercial success of any transaction.
Instead, Self-Financing Aggregators will remain fully responsible for all contractual and commercial arrangements and will be required to indemnify GoldBod against any claims arising from their transactions.
GoldBod said compliance with the new framework is mandatory, warning that breaches could attract sanctions under the Ghana Gold Board Act, 2025 (Act 1140) as well as the terms and conditions of operators' licences.