The Ghana Gold Board (GoldBod) has issued new directives to all Self-Financing Aggregators (SFAs) on the onboarding of Offtakers and the conduct of gold transactions, as part of efforts to strengthen regulation in the gold trading and export sector.
The notice dated July 13, 2026, and issued by the *Compliance Directorate, says the guidelines are pursuant to the Ghana Gold Board Act, 2025 (Act 1140) and are effective immediately.
New Onboarding Process for Offtakers
Under the new rules, SFAs must seek GoldBod approval before engaging any prospective Offtaker.
The process includes:
1. Submission For Due Diligence: SFAs must submit details of the proposed Offtaker with all documents required for *KYC, AML and financial due diligence.
2. GoldBod Assessment: The GoldBod will conduct regulatory and compliance checks to determine the suitability of the Offtaker.
3. Notification: Only Offtakers that pass due diligence will be cleared to proceed.
4. Application To Trade: SFAs must then submit a formal application with a draft offtake agreement for approval.
5. Written Approval: If approved, GoldBod will issue written approval outlining operational requirements and conditions governing the transaction.
Gold Transaction Procedures
The notice also outlines how gold transactions must be conducted:
1. FX Inflows: The approved Offtaker must remit foreign currency funds in line with GoldBod’s trading conditions.
2. Cedi Conversion: Upon confirmation of FX receipt, GoldBod will convert the funds at the Bank of Ghana Reference Rate and transfer the Ghana Cedi equivalent to the SFA’s bank account.
3. Acknowledgement: The SFA must issue written acknowledgement to the Offtaker, with copy to GoldBod, within 24 hours of receiving the funds.
4. Gold Purchases: SFAs can then buy gold locally in strict compliance with GoldBod’s pricing regime and regulations.
5. Export Request: After aggregating the gold, SFAs must apply to GoldBod for permission to export to the approved Offtaker.
6. Assay And Export: GoldBod will conduct assay and verify FX inflows before facilitating export. SFAs will bear all assay, regulatory, logistics, freight and insurance costs.
GoldBod Role Is Regulatory Only
GoldBod emphasized that its role is strictly regulatory and administrative and it is not a party to any commercial agreement between SFAs and Offtakers.
“The GoldBod neither guarantees nor warrants the financial standing or performance of any Offtaker or SFA; the payment obligations of any Offtaker; the supply commitment of any SFA; the performance of any contractual obligation by either party; or the commercial viability or outcome of any transaction between the parties*,” the notice stated.
It added that any approval or communication from GoldBod “shall not constitute a guarantee of payment, a guarantee of supply, a contractual undertaking, or an assumption of liability by the GoldBod.”
Indemnity And Sanctions
The Board said each SFA bears sole responsibility for all commercial and financial arrangements with Offtakers and must indemnify and hold harmless GoldBod against any claims, losses, or disputes arising from such deals.
“The GoldBod shall not be liable under any circumstances for any default, non-payment, delay, fraud, insolvency, breach of contract, commercial loss or any other dispute arising from such arrangements,” it noted.
GoldBod warned that compliance is mandatory and that any breach may attract sanctions under Act 1140 and the terms of SFA licences.
The Board reaffirmed its commitment to ensuring integrity, accountability and transparency in Ghana’s gold trading and export sector.
