Ghana Moves to Keep More of Its Gold Wealth at Home With New Refining Rules

Ghana has begun enforcing a new requirement that certain gold exporters refine gold doré locally before it can be shipped abroad, marking another significant step in the country’s effort to capture more value from its most important mineral resource.

The requirement took effect on September 1 and applies specifically to gold doré purchased by Self-Financing Aggregators, or SFAs, under arrangements with approved offtakers. Under the directive, the gold must be refined in Ghana before an export application can be approved.

The policy is being implemented by the Ghana Gold Board, known as GoldBod, under the Ghana Gold Board Act, 2025. The legislation gave GoldBod responsibility for activities including the buying, selling, assaying, refining and export of gold.

A push beyond raw mineral exports

The significance of the new rule lies in a question that extends far beyond Ghana: how much economic value can resource-rich African countries retain before their minerals leave the continent?

Gold doré is a semi-refined product that requires further processing before becoming bullion. By requiring local refining for the gold covered by the directive, Ghana is seeking to retain a greater share of the processing and commercial activity associated with its gold industry.

The policy forms part of a broader push by the government to develop a more complete domestic gold industry. According to reporting by Al Jazeera, GoldBod officials see local refining as a way to retain more economic value, support employment and provide refined gold for activities such as jewellery manufacturing.

Ghana’s booming gold sector

The policy comes as Ghana’s gold industry continues to grow. Ghana produced nearly six million ounces, or about 185 tonnes, of gold in 2025, according to figures cited in the Al Jazeera report. Small-scale mining accounted for approximately 3.1 million ounces, or 96 tonnes, of that production.

Gold export earnings reached about $20 billion in 2025, compared with approximately $10.3 billion the previous year. The scale of those exports has sharpened the debate over how much of the value generated by Ghanaian minerals remains within the domestic economy.

For Ghana, the argument for value addition is straightforward. Extracting a mineral creates one set of economic benefits. Processing it further can create another, including industrial activity, specialised employment and additional commercial services.

Refining capacity will be crucial

However, a requirement to refine locally is only as effective as the infrastructure available to support it.

Ghana currently has several licensed gold refineries, including Gold Coast Refinery and Royal Ghana Gold Refinery. Gold Coast Refinery has stated capacity of up to two tonnes a week, while Royal Ghana Gold Refinery was commissioned in 2024 with reported daily processing capacity of 400 kilogrammes, according to the Al Jazeera report.

GoldBod also has supply arrangements with local refiners and has outlined plans to expand Ghana’s refining ambitions further. Whether the new policy can significantly increase domestic value retention will depend on the availability, capacity and commercial competitiveness of local refining facilities.

A targeted rule, not a blanket export ban

The scope of the directive is an important distinction. The current requirement specifically concerns gold doré purchased by Self-Financing Aggregators under arrangements with approved offtakers. It should therefore not be described as a blanket ban on every category of Ghanaian gold exports.

Export applications involving the affected gold will only be processed after GoldBod confirms that the gold has been refined locally, applicable charges have been settled and other regulatory requirements have been met.

Companies that fail to comply could face regulatory consequences, including the refusal or suspension of export approvals and other sanctions affecting their licences, according to the directive as reported by Reuters.

The practical challenge of implementation

The new rule has also created adjustment challenges for businesses with existing commercial contracts. Companies affected by the requirement were required to amend relevant offtake agreements to incorporate the local-refining provision.

That underlines a broader reality about industrial policy. Governments can use regulation to change the structure of a value chain, but successful implementation also depends on whether businesses have the infrastructure, financing and commercial arrangements needed to adapt.

A test case for African value addition

Ghana’s policy will be watched beyond its borders. Across Africa, governments are increasingly seeking to move beyond exporting raw commodities and toward processing, manufacturing and other forms of value addition.

The challenge is not simply to prohibit raw exports. Countries must also develop competitive industrial capacity, reliable energy, logistics, financing and access to markets for higher-value products.

Ghana’s new refining rule does not guarantee that all of those conditions will be met. But it represents a concrete attempt to use policy to change where value is captured in one of Africa’s largest gold industries.

The outcome will depend on implementation. If Ghana can pair regulation with sufficient refining capacity and commercially viable downstream industries, the policy could provide a useful test of how African resource producers can retain more value at home.

Sources

• Al Jazeera: Ghana tightens gold exports in push to keep more value at home, September 4, 2026
• Reuters: Ghana bars unrefined artisanal gold doré exports from September 1, August 25, 2026