GoldBod introduces mandatory onboarding rules for self-financing aggregators
The Ghana Gold Board (GoldBod) has introduced new mandatory guidelines governing how Self-Financing Aggregators (SFAs) onboard offtakers and conduct gold purchase and export transactions.
The directives, issued on Monday, July 13, form part of measures to strengthen regulatory oversight, enhance due diligence and promote transparency in Ghana's gold trading and export sector under the Ghana Gold Board Act, 2025 (Act 1140).
Under the new framework, SFAs must obtain GoldBod's approval before engaging any prospective offtaker, with all proposed partners required to undergo Know-Your-Customer (KYC), Anti-Money Laundering (AML) and financial due diligence checks.
"Only Offtakers that have successfully satisfied the GoldBod's due diligence requirements may proceed to the next stage," the notice stated in part.
The guidelines also require approved offtakers to remit foreign currency purchase funds in accordance with GoldBod's trading conditions.
Upon confirmation of receipt, GoldBod will convert the funds into Ghana cedis using the applicable Bank of Ghana reference rate and transfer the proceeds to the designated account of the SFA.
Aggregators are further required to acknowledge receipt of the funds within 24 hours before proceeding to purchase gold locally in compliance with GoldBod's pricing regime.
They must also obtain approval from the regulator before exporting aggregated gold to their approved offtakers, after which GoldBod will conduct the necessary assay and verification before facilitating the export.
The Board stressed that its role in the process is purely regulatory and administrative and does not extend to commercial agreements between aggregators and offtakers.