The Ghana Gold Board (GoldBod) has unveiled sweeping reforms to Ghana’s gold purchasing framework, introducing a new pricing regime, stricter purchase thresholds and mandatory real-time transaction reporting requirements aimed at strengthening transparency and accountability across the sector.
The measures, issued under the Ghana Gold Board Act, 2025 (Act 1140), are expected to significantly reshape the country’s gold trading ecosystem by standardising pricing, enhancing traceability and tightening oversight of gold transactions.
“These reforms are intended to strengthen oversight of the gold value chain, improve transparency, standardise pricing, enhance traceability and curb illegal trading practices,” GoldBod stated in a directive announcing the new measures.
According to the Board, the reforms form part of broader efforts to align Ghana’s gold trading framework with international best practices while ensuring a more transparent, orderly and accountable gold market.
New Pricing Regime Takes Effect July 1
At the heart of the reforms is a major overhaul of the country’s gold pricing mechanism.
Effective July 1, 2026, GoldBod will discontinue the publication of continuously updated live gold prices and adopt the internationally recognised London Bullion Market Association (LBMA) Gold Price AM and LBMA Gold Price PM benchmarks as the sole reference points for determining official local gold purchase prices.
Under the new arrangement, two official purchase prices will be published daily. The first will be released at 10:30 a.m. based on the LBMA Gold Price AM, while the second will be issued at 3:00 p.m. using the LBMA Gold Price PM.
The corresponding cedi purchase prices will continue to be calculated using the Bank of Ghana Reference Rate (BRR).
GoldBod explained that the new system would provide greater certainty and predictability in gold transactions while bringing Ghana’s pricing framework in line with internationally accepted standards.
Official Prices Become Binding
The Board has also made it mandatory for all licensed gold buyers, aggregators, self-financed aggregators and other licensed entities to purchase gold strictly at the official GoldBod price applicable to each trading window.
No licensed buyer will be allowed to purchase gold at any price outside the officially published rate.
GoldBod warned that any transaction conducted outside the approved pricing framework would constitute an offence under the Ghana Gold Board Act and could attract sanctions, including prosecution and administrative penalties.
To ensure compliance, specialised enforcement and compliance teams will be deployed across major gold-producing and trading centres nationwide to monitor transactions and investigate breaches.
Offenders risk licence suspension or revocation, seizure of unlawfully traded gold and possible civil or criminal sanctions under Act 1140.
New Purchase Threshold Introduced
In a related directive that took effect on June 24, 2026, GoldBod introduced a maximum purchase price threshold for all licensed buyers.
Under the framework, the highest amount a buyer may pay for gold will consist of the official GoldBod price, any approved rate-gap bonus payable to licensed miners and a maximum additional GH¢30 drawn from the commission allocated to Tier Two buyers.
The Board clarified that Tier Two buyers are prohibited from adding more than GH¢30 of their commission when purchasing or selling gold.
According to GoldBod, the measure is intended to curb unhealthy competition among buyers, prevent market distortions and preserve the integrity of the national pricing framework.
Any buyer found exceeding the approved threshold will be deemed to have breached licence conditions and committed an offence under Sections 63(1)(c) and 63(2) of the Act.
Five-Minute Reporting Rule
Another key reform is the introduction of a mandatory five-minute transaction reporting requirement.
Under the directive, every licensed gold buyer must communicate details of a completed purchase to its financing Tier Two buyer or aggregator within five minutes of concluding the transaction.
The information may be transmitted via telephone, text message or any other approved communication channel.
GoldBod said the measure is aimed at improving visibility across the gold supply chain, reducing opportunities for unreported transactions and strengthening real-time monitoring of gold movements.
The Board further indicated that transaction bookings may only be undertaken during approved trading hours, ending at 8:00 p.m. each day.
Receipts and Records Mandatory
To reinforce accountability, all licensed buyers must issue receipts immediately after every transaction, indicating all relevant details, including the exact time of purchase.
Buyers are also required to maintain complete transaction records and supporting documents for inspection by authorised GoldBod officials.
The Board stressed that proper record-keeping would be central to its compliance and enforcement regime.
Failure to issue receipts, maintain records or comply with any aspect of the directive will constitute a breach of Sections 64(1)(c) and 64(2) of the Ghana Gold Board Act and could result in administrative sanctions, licence penalties or criminal prosecution.
Sector Faces Major Transformation
The introduction of the new pricing structure, purchase thresholds and real-time reporting requirements marks one of the most significant regulatory interventions in Ghana’s gold purchasing sector in recent years.
Industry analysts believe the reforms will improve transparency, strengthen traceability, curb illegal trading activities and enhance GoldBod’s ability to monitor gold transactions nationwide.
As Ghana seeks to maximise the value of its gold resources and strengthen governance within the sector, the reforms signal a determined effort by GoldBod to establish a more disciplined, transparent and internationally aligned gold trading system.
