By Zobia Zulfqar 
Ghana’s Gold Board (GoldBod) has announced a series of new measures aimed at strengthening transparency, accountability, and efficiency within the country’s gold trading sector. The reforms include a mandatory five-minute transaction reporting rule for licensed gold buyers and the adoption of internationally recognized gold pricing benchmarks from July 2026.
The directive, issued by GoldBod Chief Executive Officer Sammy Gyamfi, requires all licensed gold buyers to record and report every gold purchase within five minutes of completing a transaction. Buyers must immediately notify their financing Tier 2 buyer or aggregator through approved communication channels such as phone calls, text messages, or other authorized methods.
In addition, licensed buyers are required to issue receipts at the point of purchase, clearly indicating the exact time the transaction was completed. All records must be maintained and made available to GoldBod officials upon request.
According to GoldBod, the new requirement is designed to eliminate gaps in the gold trading chain that could allow transactions to go unrecorded or be manipulated before being formally registered.
Addressing stakeholders, Mr. Gyamfi emphasized the importance of strict compliance with the directive.
“You buy, you book, you buy, you book,” he stated, underscoring the need for immediate documentation of every transaction.
The five-minute reporting rule forms part of a broader effort by the agency to improve oversight of Ghana’s gold industry, which remains one of the country’s most important foreign exchange earners.
Alongside the reporting requirement, GoldBod announced a significant change to its pricing system. Beginning July 1, 2026, the agency will discontinue the use of continuously updated live gold prices and instead adopt the London Bullion Market Association (LBMA) Gold Price AM and LBMA Gold Price PM benchmarks as the official reference prices for all gold purchases.
The Ghana cedi equivalent of these benchmark prices will be calculated daily using the Bank of Ghana Reference Rate.
Officials say the transition to LBMA benchmark pricing will help standardize transactions across the sector and reduce opportunities for price speculation and arbitrage. Under the previous system, buyers could potentially exploit short-term fluctuations in gold prices before recording transactions. The new pricing structure is expected to create a more predictable and transparent market environment.
GoldBod has also introduced a cap on the amount licensed buyers can pay above official gold prices. Under the new rules, buyers may not exceed the GoldBod published price, any approved bonus for licensed miners, and a maximum commission margin of GH¢30 allocated to Tier 2 buyers.
The agency stressed that the GH¢30 ceiling is non-negotiable and applies to both purchase and sale transactions.
Failure to comply with the new directives could result in severe penalties under the Ghana Gold Board Act, 2025 (Act 1140). GoldBod warned that offenders may face prosecution, suspension or revocation of licenses, and the seizure of unlawfully traded gold.
To ensure compliance, enforcement teams will be deployed across major gold-producing and trading centers nationwide.
The reforms come as GoldBod continues to expand its Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which aims to purchase up to three tonnes of gold each week. According to the agency, the programme has the potential to generate more than $400 million weekly through 2028.
Officials believe that stronger transaction controls and standardized pricing mechanisms are essential to safeguarding the programme’s success and minimizing financial risks.
The latest measures also follow increased public scrutiny of gold trading operations in Ghana. International financial institutions and industry observers have called for stronger accountability and clearer reporting mechanisms within the sector.
GoldBod maintains that the new rules will help build confidence in Ghana’s gold market, protect state revenues, and ensure that the country’s mineral wealth continues to contribute to long-term economic growth and development.