GoldBod introduces stricter approval process for gold offtakers

The Ghana Gold Board (GoldBod) has introduced new guidelines requiring all Self-Financing Aggregators (SFAs) to obtain approval before engaging any gold offtaker, as part of efforts to strengthen oversight, transparency, and compliance in Ghana's gold trading sector.

The directive, which took effect on July 13, 2026, was issued under the Ghana Gold Board Act, 2025 (Act 1140). It requires all Self-Financing Aggregators to follow a mandatory onboarding process for prospective offtakers before any business transactions can begin.

According to GoldBod, the new measures are intended to ensure that all buyers meet the necessary regulatory and compliance requirements before participating in Ghana's gold trade.

"All Self-Financing Aggregators are hereby directed to comply strictly with the procedures for the onboarding of Offtakers and the conduct of transactions with them forthwith," the notice stated.

Under the new guidelines, aggregators must first submit details of every proposed offtaker to GoldBod, together with all documents required for Know-Your-Customer (KYC), Anti-Money Laundering (AML) checks, and financial due diligence.

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GoldBod explained that it will conduct its own regulatory, compliance, and risk assessments to determine whether the proposed offtaker is suitable to transact business.

"The GoldBod shall conduct such regulatory and compliance due diligence and risk assessments as it considers appropriate to determine the suitability of the proposed Offtaker," the notice stated.

It added that only after successfully completing the due diligence process will GoldBod communicate its decision to the Self-Financing Aggregator.

Approved offtakers will then proceed to the next stage, where the aggregator must formally apply for permission to trade and submit a draft copy of the proposed offtake agreement.

Where approval is granted, GoldBod said it will issue a written authorisation outlining the operational requirements, obligations, and conditions that will govern the transaction between the aggregator and the approved offtaker.

The latest directive forms part of GoldBod's broader mandate under the Ghana Gold Board Act to regulate the purchase, sale, and export of gold while promoting greater accountability and integrity across Ghana's gold value chain.

ANAS/MA

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