The Ghana Gold Board (GoldBod) has unveiled a new compliance framework requiring all Self-Financing Aggregators (SFAs) to obtain regulatory approval before doing business with gold off-takers, a move aimed at improving transparency and oversight in the country’s gold trade.
Under the new directives issued by GoldBod’s Compliance Directorate, aggregators must submit prospective off-takers for Know Your Customer (KYC), Anti-Money Laundering (AML) and financial due diligence before any business relationship can begin. Even after an off-taker is cleared, aggregators must secure GoldBod’s approval before completing any transaction.
The framework also sets out a new payment process, where approved off-takers will transfer foreign currency to GoldBod, which will convert the funds into cedis using the Bank of Ghana reference rate before paying the aggregator. GoldBod will also conduct assay and verification before facilitating exports.
The regulator stressed that its role is limited to oversight and administration, stating 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.
GoldBod added that aggregators remain fully responsible for their commercial agreements and warned that failure to comply with the new requirements will attract sanctions under the Ghana Gold Board Act, 2025 (Act 1140) and operators’ licence conditions.
