The Ghana Gold Board (GoldBod) has issued a compliance directive requiring all licensed gold buyers to promptly book gold purchase transactions within five minutes of completing each purchase, as part of efforts to strengthen transparency, accountability, and regulatory oversight within Ghana’s gold trading sector.
The directive, which takes immediate effect, forms part of GoldBod’s ongoing measures to improve record-keeping, enhance traceability, and ensure strict compliance with the provisions of the Ghana Gold Board Act, 2025 (Act 1140).
Under the new requirement, every licensed gold buyer must communicate details of each completed gold purchase transaction to its financing Tier 2 Buyer or Aggregator within five minutes of the transaction. The information may be transmitted through a telephone call, text message, or any other approved communication channel for the purpose of booking the transaction.
According to GoldBod, the measure is designed to ensure real-time visibility of gold purchases across the value chain, improve transaction monitoring, and reinforce the integrity of Ghana’s formal gold trading ecosystem.
The Board clarified that gold purchase bookings may only be conducted during the approved trading period, which begins each morning and ends at 8:00 p.m. on every trading day.
As part of the compliance requirements, licensed gold buyers are also mandated to issue receipts immediately after every purchase transaction. Each receipt must clearly indicate the exact time of purchase, alongside all other relevant transaction details.
GoldBod further directed operators to maintain proper records of all purchase transactions and supporting documentation, which must be made available for inspection upon request by the Board or its authorized officers.
The directive is expected to strengthen accountability across the gold purchasing chain while supporting GoldBod’s broader efforts to formalize the sector and establish a robust framework for monitoring gold movements from production to aggregation.
In the notice, GoldBod warned that failure to promptly book purchases, issue compliant receipts, maintain proper records, or otherwise adhere to the directive would constitute a breach of Section 64(1)(c) and (2) of the Ghana Gold Board Act, 2025 (Act 1140).
The Board noted that offenders would be subject to the sanctions and enforcement measures prescribed under the law.
The latest compliance measure comes as GoldBod continues to roll out reforms aimed at enhancing operational efficiency, improving traceability, combating illicit trading, and building a transparent and internationally competitive gold trading ecosystem.
GoldBod has therefore urged all licensed gold buyers to familiarize themselves with the new requirements and ensure full compliance to support the continued integrity, credibility, and sustainability of Ghana’s gold trade.
