The Ghana Gold Board (GoldBod) has introduced a new trade financing framework to strengthen accountability, improve risk management and ensure the efficient administration of funds provided to licensed gold buyers under its Gold Purchase Financing Programme.
The new framework, which takes immediate effect, sets out mandatory procedures for Tier 2 Licensed Gold Buyers and other eligible licensees seeking access to GoldBod’s trade financing through Aggregators. The initiative forms part of GoldBod’s broader efforts to promote transparency, financial discipline and sustainability within Ghana’s formal gold trading sector.
Under the revised framework, all eligible Tier 2 Licensed Gold Buyers are required to submit a formal application to an Aggregator, present a valid GoldBod Tier 2 Licence for verification and complete all Know-Your-Customer (KYC), due diligence and creditworthiness assessments before accessing financing.
Applicants must also execute a Trade Financing Agreement with the Aggregator outlining the financing terms, repayment obligations, reporting requirements and compliance responsibilities. The agreement must subsequently be submitted to GoldBod for approval before any trade funds can be disbursed.
To safeguard public funds, GoldBod has introduced a security requirement under which funded buyers must provide an acceptable Bank Guarantee, Advance Payment Guarantee, Insurance Bond or other approved security. Depending on the outcome of the buyer’s credit assessment, the security shall cover between 10 and 50 percent of the approved financing amount.
The Board has further directed all existing beneficiaries of the Trade Financing Programme to regularise their participation under the new framework by settling all outstanding obligations and closing their current financing accounts with Aggregators on or before August 1, 2026. Failure to comply will result in their removal from the list of eligible Tier 2 Licensed Gold Buyers until all outstanding amounts have been fully settled.
GoldBod also outlined strict enforcement measures for defaulters. Participants who fail to honour a first demand notice within 21 days risk suspension of their GoldBod Buyer Licence, while continued default after a final 30-day demand notice may result in criminal proceedings.
Additionally, the Board has introduced restrictions to prevent multiple financing arrangements. Funded Tier 2 Licensed Buyers will not be permitted to obtain financing from another funded Tier 2 Buyer, while Tier 1 Licensed Buyers may not receive GoldBod trade financing from more than three funded Tier 2 Licensed Buyers at any given time. Breaches of these provisions may attract regulatory sanctions, including the suspension or withdrawal of funding approvals.
GoldBod said the new framework is designed to strengthen governance, protect public resources and ensure that its Trade Financing Programme continues to support a transparent, responsible and financially sustainable gold trading ecosystem in Ghana.
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