Ghana has introduced tougher gold export rules as the government seeks to keep more of the industry’s value inside the country.
Under the new policy, certain exporters must refine their gold in Ghana before shipping it overseas.
The rule took effect on September 1. It applies to Self-Financing Aggregators that buy gold dore through arrangements with approved offtakers.
Gold dore is a semi-refined form of gold. It needs further processing before becoming bullion.
Ghana gold export rules push local refining
The Ghana Gold Board, known as GoldBod, issued the directive as part of a wider effort to develop the country’s domestic gold industry.
Under the Ghana gold export rules, affected companies must now use local refineries before applying to export their gold.
GoldBod also required companies to amend existing agreements by August 31.
The board will only process export applications after confirming that companies refined the gold locally. Exporters must also pay the required charges and meet other regulatory conditions.
The government hopes the change will keep more revenue inside Ghana.
Local refining could also create jobs and reduce the amount of money paid to processors abroad.
In addition, Ghana wants to develop industries that use refined gold, including jewellery manufacturing.
Ghana expands its gold industry
Ghana already has several gold refineries.
The country has four licensed facilities, including Gold Coast Refinery and Royal Ghana Gold Refinery.
Gold Coast Refinery opened in 2016 and says it can process up to two tonnes of gold each week.
Meanwhile, Royal Ghana Gold Refinery opened in 2024 and has a daily capacity of around 400 kilograms.
GoldBod also plans further expansion.
The board says Ghana is developing what it aims to make the largest gold refinery in Africa. It has also discussed creating a gold trading district inspired by Dubai’s Gold Souk.
Gold exports bring Ghana billions
Gold plays a major role in Ghana’s economy.
The country produced almost six million ounces of gold in 2025, equivalent to roughly 185 tonnes.
Small-scale miners produced about 3.1 million ounces of that total. That was a significant increase from the previous year.
At the same time, gold export earnings reached about $20 billion in 2025. That was nearly double the $10.3 billion recorded in 2024.
As a result, the government wants Ghana to capture a larger share of the money generated after gold leaves the mine.
Exporters face penalties for breaking new rules
GoldBod has warned exporters against bypassing the new requirements.
Companies that attempt to export affected unrefined gold could face penalties.
Possible measures include suspended export approvals, financial penalties and the suspension or loss of licences.
However, some businesses have raised concerns about the speed of the change.
Companies with existing international contracts may need to renegotiate agreements to comply with the new policy.
Despite those concerns, Ghana is moving ahead with its plan to process more of one of its most valuable natural resources at home.