The Ghana Gold Board (GoldBod) has introduced a new compliance framework requiring all Self-Financing Aggregators (SFAs) to obtain regulatory approval before engaging gold off-takers, in a move aimed at tightening oversight of Ghana’s gold trade and strengthening transparency across the sector.
Under the new guidelines, issued by GoldBod’s Compliance Directorate, aggregators must first submit the details of any prospective off-taker for Know Your Customer (KYC), Anti-Money Laundering (AML) and financial due diligence before any commercial relationship can begin.
Only off-takers that successfully pass GoldBod’s regulatory assessment will be eligible to transact. Even after completing due diligence, aggregators must seek a separate approval from GoldBod before trading with an approved buyer.
The new framework also introduces a structured transaction process. Approved off takers will remit foreign currency purchase funds in line with GoldBod’s trading conditions, after which GoldBod will convert the funds into cedis using the applicable Bank of Ghana reference rate and transfer the proceeds to the aggregator.
Once the gold has been purchased, GoldBod will conduct assay and verification before facilitating exports.
However, the regulator stressed that its role remains strictly regulatory and administrative, distancing itself from any commercial arrangements between aggregators and buyers.
GoldBod stated that it “is not and shall not be deemed to be a party to any financing arrangement, purchase agreement, sales contract, export contract, payment arrangement or any other commercial relationship” between aggregators and approved off-takers.
The regulator further clarified that it does not guarantee the financial standing of any buyer, the payment obligations of an off-taker, the supply commitments of aggregators or the commercial success of any transaction.
It warned that Self-Financing Aggregators will bear sole responsibility for all commercial and contractual arrangements entered into with approved off-takers and must indemnify GoldBod against any claims arising from those transactions.
GoldBod said compliance with the new directive is mandatory, adding that any breach will attract sanctions under the Ghana Gold Board Act, 2025 (Act 1140) and the terms of operators’ licences.
Explore the world of impactful news with CitiNewsroom on WhatsApp!
Click on the link to join the Citi Newsroom channel for curated, meaningful stories tailored just for YOU:
https://whatsapp.com/channel/0029VaCYzPRAYlUPudDDe53x
No spam, just the stories that truly matter! #StayInformed #CitiNewsroom #CNRDigital
![Award-winning Ghanaian dancehall artiste Shatta Wale and his team, including rapper Medikal [right], with the Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, and his team [left].](https://www.citinewsroom.com/wp-content/uploads/2026/07/SHATTA-GOLD-PIX-350x250.png)
