Africa’s largest gold producer forces exporters to refine their gold locally or face sanctions after a record $20 billion export boom

Ghana has begun enforcing a requirement for some gold exporters to refine their gold locally before shipping it abroad, as Africa’s leading producer seeks to retain more value from an industry that generated about $20 billion in export earnings last year.

Since September 1, the Ghana Gold Board (GoldBod) has required Self-Financing Aggregators to refine gold doré in Ghana before exporting it under arrangements with approved offtakers.

The rule, issued on August 24 under the Ghana Gold Board Act, 2025, gives effect to GoldBod’s mandate over the purchase, sale, refining, value addition and export of gold.

Export applications are now processed only after the gold has been refined locally and other regulatory requirements have been met.

GoldBod said the policy is intended to keep more value from Ghana’s gold industry within the country.