Ghana tightens gold exports in push to keep more value at home - Yahoo Finance UK

AI desk brief

Ghana has tightened controls on gold dore exports, effective Sept. 1, requiring Self-Financing Aggregators to refine dore locally before shipment abroad unless GoldBod approval is in place. The move is designed to keep more value chain margin inside Ghana and could reduce the amount of semi-processed gold reaching overseas refiners in the near term, a marginally supportive backdrop for the physical market if it constrains export availability.

GoldBod says export applications will only clear once local refining is confirmed, charges are settled and all regulatory conditions are met. The policy follows the Ghana Gold Board Act, 2025, which centralized oversight of buying, assaying, refining and export. Local industry sources argue the change should help Ghana capture more of the economics of its gold sector, though companies with existing offtake contracts are facing immediate compliance and contract-amendment issues.

The article highlights Ghana’s refining base: four licensed refineries, with Gold Coast Refinery able to process up to two tonnes a week and Royal Ghana Gold Refinery at 400 kg/day. GoldBod already has supply deals in place and is backing further capacity buildout. With Ghana producing nearly 185 tonnes in 2025 and gold export earnings jumping to about $20bn from $10.3bn in 2024, the policy is more about domestic value capture than outright production growth, but it could tighten regional supply chains at the margin.