By Issah Olegor
The gold purchasing sector is set for a major transformation following the introduction of sweeping regulatory reforms by the Ghana Gold Board (GoldBod), aimed at tightening oversight, improving transparency and bringing greater discipline to the country’s lucrative gold trading industry.
The new measures, announced under the Ghana Gold Board Act, 2025 (Act 1140), introduce a comprehensive framework covering gold pricing, transaction reporting, record keeping and compliance enforcement.
The reforms are expected to significantly alter how licensed gold buyers, aggregators and self-financed aggregators conduct business across the country.
GoldBod says the reforms form part of a broader strategy to strengthen governance within Ghana’s gold value chain, improve traceability, eliminate illegal trading practices and align the country’s gold trading system with internationally accepted standards.
New Gold Pricing System Takes Effect July 1
At the heart of the reforms is a complete overhaul of the official gold pricing mechanism.
Beginning July 1, 2026, GoldBod will discontinue the publication of continuously updated live gold prices and replace them with benchmark prices based on the internationally recognized London Bullion Market Association (LBMA) Gold Price AM and LBMA Gold Price PM fixing windows.
Under the new arrangement, GoldBod will publish two official gold purchase prices every trading day.
The first official price will be released at 10:30 a.m. based on the LBMA Gold Price AM benchmark, while a second official price will be published at 3:00 p.m. based on the LBMA Gold Price PM benchmark.
GoldBod explained that the corresponding local gold purchase price will continue to be calculated using the Bank of Ghana Reference Rate (BRR) applicable on each trading day.
According to the Board, the move is intended to provide greater certainty and predictability within the market while reducing price volatility and ensuring consistency in transactions nationwide.
Official GoldBod Prices Now Mandatory
In what industry observers describe as one of the most significant changes to the gold trade in recent years, GoldBod has directed that all licensed gold buyers must purchase gold strictly at the official price published by the Board.
The directive affects aggregators, self-financed aggregators and all other licensed participants operating within the gold purchasing ecosystem.
Compliance Officers
GoldBod emphasized that no licensed buyer will be permitted to negotiate or pay prices outside the official framework.
Any transaction conducted outside the approved pricing structure will constitute an offence under the Ghana Gold Board Act and may attract administrative sanctions, prosecution and other penalties.
To ensure compliance, the Board has announced the deployment of dedicated compliance and enforcement teams to major gold-producing communities and trading centres across the country.
These teams will monitor transactions, investigate complaints and verify adherence to the new regulations.
Violators risk suspension or revocation of licences, seizure of unlawfully traded gold and possible criminal prosecution.
New Purchase Threshold Introduced
In a separate directive that took effect on June 24, 2026, GoldBod also introduced a maximum purchase threshold designed to prevent unhealthy competition among licensed buyers.
Under the new framework, the highest price a licensed buyer may pay for gold will consist of three components:
* The official GoldBod purchase 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.
GoldBod clarified that Tier Two buyers are prohibited from adding more than GH¢30 from their commission when purchasing or reselling gold.
According to the Board, the measure is intended to eliminate price distortions, prevent excessive bidding wars among buyers and maintain the integrity of the national pricing system.
Any buyer who exceeds the approved threshold will be deemed to have breached licensing conditions and committed an offence under Sections 63(1)(c) and 63(2) of Act 1140.
Such violations may attract licence suspension, revocation, prosecution and other enforcement actions.
Five-Minute Reporting Rule Introduced
Another major component of the reforms is the introduction of mandatory real-time reporting requirements for all gold purchase transactions.
Under the directive, every licensed gold buyer must report the details of a completed transaction to their financing Tier Two buyer or aggregator within five minutes after the purchase has been concluded.
The information may be transmitted through telephone calls, text messages or any approved communication platform.
GoldBod explained that the measure is designed to improve visibility across the gold supply chain and reduce opportunities for unreported transactions and illegal trading.
