Ghana Gold Board

Licensing
Licensing

Refinery License

This is a license required to establish, operate and maintain a refinery for gold and other precious minerals in the Republic of Ghana.

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License Requirements

  1. COMPANY PARTICULARS
    An applicant shall provide the following information:
    • Name of company in full
    • Other names used in the past
    • Date of incorporation
    • Place of issue of certificate of incorporation
      • Reference no. of certificate
      • Registered address
      • Telephone contact
      • Company’s e-mail address
    • Directors’ e-mail address & phone numbers
    • Litigation disclosures
    • Ghana Card of Directors, Accounts Officer, Operations Officer and Manager

    NB: Applicants must attach a true certified copy of their certificate of incorporation.

  2. Names and address of shareholders of company
    An applicant shall provide the following information:
    • Name
    • Nationality (attach Ghana Card or passport copy)
    • Address (attach utility bill)
    • Police Clearance Report
    • GIPC Certificate
    • Work permit
    • Percentage of shares held

    NB: Applicants must attach Beneficial Ownership form (Form 3) from the Office of the Registrar of Companies.

An applicant shall have:

  • A minimum of one (1) office for refinery, evidenced by a title deed, lease, or tenancy agreement.
  • Business operating permit, EPA permit, etc. for offices.
  • Adequate security of premises, including alarm systems, fire extinguishers, vault, CCTV, etc.
  • Adequate assay equipment, i.e., balances, XRF, and other assay facilities.
  • Proposed regions and towns.
  • Digital address of all offices.
  • Proof of experience in gold refinery over the last one (1) year preceding the date of application, evidenced by trading records.
  • Ghana Standard Authority ( GSA) Certifications
  • Ghana Atomic Energy Commission ( GAEC ) Certifications
    • Secured trade capital from personal sources, evidenced by a bank statement of the applicant, to the tune of the cedi equivalent of a minimum of two million US dollars ($ 2,000,000.00).
    • Working Capital – A minimum capital requirement of at least the cedi equivalent of two hundred thousand US dollars ($ 200,000.00), evidenced by bank statement.
    • Valid Tax Clearance Certificate.
    • Valid SSNIT Clearance Certificate.

FEES AND CHARGES

DESCRIPTIONAMOUNT
Application Processing FeesCedi Equivalent of $ 10,000.00
License FeeCedi Equivalent of $ 50,000.00
Annual License Renewal FeeCedi Equivalent of $ 35,000.00
  • An application for a license must be accompanied by an application processing fee.
  • After final approval is granted, the applicant shall be required to pay the license fee before the license is issued.
  • A licensed refinery is required to pay an annual license renewal fee.
  • All the above-stated fees are payable by cheque or payment order to the GOLDBOD.

  • The GOLDBOD Technical Directorate shall conduct interviews of shortlisted applicants.

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Terms and
Conditions

Pursuant to the Ghana Gold Board Act, 2025 (Act 1140), the Ghana Gold Board (“the GoldBod”) hereby grants to:

a Licence to establish, operate, and maintain a refinery for gold and other precious minerals in the Republic of Ghana, subject to the terms and conditions set forth herein.

This Licence authorises the Licensee to:
  1. Purchase directly from the GoldBod, smelt, and refine gold and other precious minerals in approved facilities;
  2. Produce bullion and other refined mineral products that meet international standards (including London Bullion Market Association (LBMA) “Good Delivery” standards or equivalent);
  3. Establish refinery plants, laboratories, and associated facilities approved by the GoldBod;
  4. Export through the GoldBod refined bullion subject to the regulatory oversight of the GoldBod and Bank of Ghana;
  5. Engage in responsible sourcing, due diligence, and traceability mechanisms consistent with OECD and LBMA standards.
This License is granted subject to the following compliance with local laws and international best-practice conditions:
  1. Legal & Regulatory Compliance
    • The Licensee shall comply with the Ghana Gold Board Act, 2025 (Act 1140), all relevant subsidiary legislation, anti-money laundering (AML) and counter-terrorist financing (CFT) laws, and all directives of the Board.
    • The Licensee shall implement Know Your Customer (KYC) and Know Your Customer/Supplier (KYC/S) procedures consistent with international standards.
    • The Licensee shall source and purchase all gold and other precious minerals exclusively from the Ghana Gold Board, in accordance with procedures prescribed by the GoldBod. All such purchases shall be subject to verification, traceability, and due diligence requirements consistent with applicable law and international best practice.
    • The GoldBod shall from time to time set standards on the weight, purity, and hallmarking of bullion produced by licensed refineries.
  2. Responsible Sourcing & Traceability

    The Licensee shall:

    1. Establish a robust system of chain-of-custody documentation from the GoldBod to refinery to final product.
  3. Operational Standards

    The Licensee shall:

    1. Ensure that refining operations comply with LBMA “Good Delivery Standards” and other internationally recognised standards.
    2. Maintain an independent laboratory with certified assayers and be subject to Board-approved external audits.
  4. Transparency & Reporting

    The Licensee shall:

    1. File with the GoldBod quarterly reports on refinery inputs, outputs, sources, and exports.
    2. Maintain audited accounts annually in accordance with IFRS standards and equivalent national financial reporting frameworks, and submit them annually to the GoldBod.
  5. Environmental, Social & Governance (ESG) Compliance

    The Licensee shall:

    1. Adopt environmental management systems consistent with the environmental protection laws of Ghana and ISO 14001 (environmental management).
    2. Ensure that occupational health and safety practices comply with ISO 45001 and equivalent local labour, health, and safety laws.
    3. Progressively align with sustainability disclosure frameworks equivalent to international standards (such as those mirrored in the EU CSRD).
  6. Inspection & Supervision

    The Board shall have unrestricted right of access for inspection of premises, operations, books, and records. The Licensee shall cooperate fully with Board-appointed auditors, inspectors, and compliance officers, including those verifying compliance with ISO and equivalent local standards.

  7. Duration & Renewal

    This Licence shall be valid for twelve (12) calendar months from the date of issue, unless earlier suspended or revoked. Renewal applications shall be made not later than three (3) months before expiry, accompanied by proof of compliance with all obligations.

  8. Suspension, Revocation & Sanctions

    The Board may suspend or revoke this Licence for violations including:

    1. Engagement in money laundering, terrorist financing, or illicit mineral trade;
    2. Willful misreporting of refined volumes or exports;
    3. Breach of environmental or ESG standards;
    4. Failure to pay applicable fees and levies;
    5. Breach of Act 1140 or any directives or guidelines made under Act 1140;
    6. Breach of the terms and conditions of the licence.

The Licensee shall pay all prescribed licensing, supervisory, and renewal fees in accordance with guidelines or directives made under Act 1140.

This License does not exempt the Licensee from obtaining other statutory approvals, including environmental permits, tax registrations, and customs authorizations.

In the event of conflict, the provisions of Act 1140 and other applicable laws shall prevail.