Ghana's GoldBod has ordered that all artisanal gold doré purchased by self-financing aggregators for export must be refined locally from September 1, effectively banning exports of unrefined doré under those arrangements.

The directive, issued by GoldBod's Compliance Directorate on August 24, 2026, forms part of the implementation of the Ghana Gold Board Act, 2025 (Act 1140), and takes effect on September 1. Under the new policy, "no gold doré shall be exported in its unrefined state".

Self-financing aggregators—licensed buyers that source gold using their own funds—must amend existing off-take agreements with approved buyers by August 31 to incorporate the local refining requirement. GoldBod will approve exports only after confirming the gold has been refined in Ghana, applicable charges have been settled, and all assay, regulatory and export requirements have been met.

The refining cost will be borne by either the aggregator or the approved off-taker. "GoldBod reserves the right to determine the refinery at which any gold shall be refined and to issue additional operational directives governing the refining process," the notice said.

GoldBod exported 104 metric tons of artisanal gold in 2025, generating more than $10 billion in foreign exchange. The sector is on track to match or exceed that volume this year. Ghana's gold production reached a record 6 million ounces in 2025, making it Africa's largest gold producer.

The directive builds on a January 2026 agreement between GoldBod and Gold Coast Refinery to process one metric ton of gold weekly under the government's 24-Hour Economy policy. Analysts estimate Ghana could retain as much as $134 million annually in refining fees by locally processing just 52 tonnes of gold per year.

Failure to comply could result in refusal or suspension of export approvals, licence revocation, administrative penalties, or other enforcement actions under Act 1140.