Ghana bids farewell to raw gold exports by 2026
Ghana is set to stop exporting raw and semi-processed gold by 2026 as part of a government initiative to increase the value of its mineral resources and boost earnings from the gold sector.
The Ghana Gold Board (GoldBod) announced earlier this week that it is partnering with local refineries to transition from exporting doré bars—partially refined gold—to fully refined bullion.
This move represents a significant shift for Africa’s largest gold producer, aiming to capture higher revenues by selling gold in a more polished form on international markets.
Speaking at the Mining in Motion Summit in Accra, GoldBod’s Acting Chief Executive, Sammy Gyamfi, revealed that an international-standard assay laboratory is set to be operational by 2026. The lab will be ISO-certified and meet the rigorous standards of the London Bullion Market Association (LBMA), ensuring accurate purity testing and valuation of all gold exported from Ghana. Land for the facility has already been secured.
“We will soon move Ghana away from the export of doré to bullion in the short to medium term. This international-standard assay lab will ensure that all gold exported from Ghana undergoes fire assay for precise purity determination,” Mr. Gyamfi said.
The switch to exporting refined bullion is expected to significantly increase Ghana’s revenues from gold, as bullion commands higher prices on global markets compared to semi-processed gold.
Meanwhile, Ghana’s small-scale mining sector has overtaken large-scale mining companies to become the country’s leading source of gold production. From January to May 2025, GoldBod purchased and exported 41.5 tonnes of gold valued at approximately $4 billion, according to data shared at the summit.
In May alone, small-scale miners sold 11 tonnes of gold to GoldBod, worth about $1.17 billion.
Since replacing the Precious Minerals Marketing Company earlier this year, GoldBod has introduced stricter regulations that now cover over 90 per cent of artisanal gold production. These measures have helped bolster the Ghanaian cedi and contributed to strengthening the country’s foreign exchange reserves.
The government’s push toward refining gold domestically is seen as a critical step in maximizing the economic benefits of Ghana’s vast mineral wealth and reinforcing its position in the global gold market.
