Ghana mandates local refining of gold dore before export

Ghana has directed certain gold exporters to refine gold dore domestically before shipping it overseas, as the government seeks to retain a larger share of the value generated by one of the country’s most important natural resources.

From 1 September, the Ghana Gold Board, or GoldBod, prohibited Self-Financing Aggregators (SFAs) from exporting dore acquired through arrangements with approved offtakers unless it has first been processed at a Ghanaian refinery. Gold dore is a semi-refined product that requires further processing before it becomes bullion.

Al Jazeera reported that the directive was issued by GoldBod’s Compliance Directorate on 24 August under the Ghana Gold Board Act, 2025. The legislation established the board as the regulator responsible for overseeing the purchase, sale, assaying, refining and export of gold in the country.

SFAs were instructed to revise their existing offtake agreements by 31 August. GoldBod will process export applications only after confirming that the gold has been refined locally, all applicable charges have been paid and other regulatory conditions have been fulfilled.

Clement Edem Asare Morjah, chief executive of licensed SFA United Gold International Limited, described the requirement as a significant shift in Ghana’s management of its gold resources.

“For the first time since independence, we have a government determined to make sure Ghana benefits from our biggest resource, gold,” he said.

Morjah said Ghanaian businesses could now retain refining margins that had historically gone to processors in other countries.

“In the entire value chain between refining and raw processed gold, the cost in between is a lot of margins. Historically, we have lost this to the outside world for decades. This is the first time deliberate government policy is trying to address this anomaly,” he said.

He cautioned, however, that the limited transition period had created difficulties for companies with existing contractual obligations, some of which may require amendments.

GoldBod media relations officer Prince Kwame Minkah said the policy reflected the government’s objective of maximising the national benefits derived from Ghana’s position as one of the world’s leading gold producers.

“Ghana is one of the top gold-producing countries in the world, so we need to truly maximise national benefits,” Minkah said. “Value addition is key.”

The measure is also aligned with President John Mahama’s vision of ensuring that Ghana’s natural resources are exported with a degree of value addition by 2030.

“The value addition is what will culminate in the building of a gold industry in Ghana,” Minkah said.

Domestic refining could support employment, reduce payments made to overseas processors and provide refined gold to industries such as jewellery manufacturing. GoldBod also intends to establish a gold village inspired by Dubai’s Gold Souk, according to Minkah.

Ghana currently has four licensed gold refineries, including Gold Coast Refinery and Royal Ghana Gold Refinery. Opened in 2016, Gold Coast Refinery has a stated processing capacity of up to two tonnes a week. Royal Ghana Gold Refinery, commissioned in August 2024, can process 400 kilogrammes, or 882 pounds, each day.

GoldBod has supply arrangements with both facilities. Its agreement with Gold Coast Refinery provides for the delivery of at least one metric tonne of gold every week. The refinery also has a partnership with South Africa’s Rand Refinery.

Minkah said GoldBod was developing a facility in Ghana that it expects to become the largest gold refinery in Africa.

The new requirements come amid rapid growth in the country’s gold sector. Ghana produced nearly six million ounces, equivalent to about 185 tonnes, in 2025. Small-scale mining contributed approximately 3.1 million ounces, or 96 tonnes, compared with 1.9 million ounces, or 59 tonnes, a year earlier.

Gold export revenue climbed to approximately $20 billion in 2025, almost twice the $10.3 billion recorded in 2024. Ghana’s total merchandise exports during the year were valued at about $31.1 billion.

The sharp increase in production and earnings has strengthened the government’s push to bring a greater proportion of the gold value chain under domestic control.

Gold and mineral expert George Darkwa welcomed the refining requirement, describing it as “a positive move that will enhance value retention and formalisation”. He also urged international investors to support efforts to build Ghana’s domestic gold industry.

GoldBod has warned that exporting or attempting to export unrefined dore in violation of the directive would constitute a breach of licensing conditions. Penalties could include the rejection or suspension of export approvals, administrative fines and the suspension or revocation of licences.

Morjah said refining dore into bullion could make the quality and value of Ghanaian gold more consistent and predictable, particularly when it meets internationally recognised standards.

“Give it time,” he said. “Everybody will understand the benefit. When you’re doing business, you don’t only think about your individual benefit as a company. You must think about the body corporate as a nation.”