GoldBod Announces Changes to Assay Regime for Local Gold Purchases

The Ghana Gold Board (GoldBod) has announced new changes to the assay regime governing local gold purchases, in a move aimed at strengthening purity determination, improving transparency in gold transactions and further tightening controls across Ghana’s gold trading value chain.

Under the new regime, which takes effect on October 1, 2026, the Water Density method of assay will no longer serve as the definitive basis for determining the purity, pricing or payment of gold purchased by GoldBod or its licensed buyers.

Instead, X-Ray Fluorescence (XRF) assay will become the definitive method for determining the purity of all gold doré purchased by GoldBod and its licensed buyers, with the resulting purity forming the basis for payment.

GoldBod said the Water Density method will henceforth be used only as an indicative assessment of gold purity in local gold purchases.

The latest measure forms part of GoldBod’s continuing review of its operational framework as the institution works towards establishing a more robust and comprehensive system for regulating Ghana’s gold trading ecosystem.

For years, Ghana’s gold sector has faced challenges associated with informality, weak controls, inconsistent valuation practices and gaps in the tracking of gold as it moves through different stages of the value chain.

GoldBod’s ongoing regulatory interventions are therefore aimed at bringing greater structure, accountability and transparency to the sector while strengthening the processes through which gold is purchased, valued, traded and ultimately exported.

The new assay regime introduces an additional layer of standardisation into the purchasing process by establishing a single definitive technical method for purity determination.

GoldBod has also provided for situations where a licensed buyer is unable to use XRF due to a genuine operational or logistical constraint, or where both the buyer and seller voluntarily agree to use the Water Density method.

In such circumstances, the gold doré will be purchased at a 0.7 per cent purity discount on the purity determined through the Water Density method.

The new framework further establishes a permissible purity differential of plus or minus ±0.1 per cent when successive XRF assay reports for the same gold or transaction are compared.

Where the difference exceeds that threshold, the transaction will be subjected to further verification before it is concluded or reported to GoldBod.

The latest changes reinforce GoldBod’s broader efforts to progressively close loopholes and strengthen controls within the gold trading chain.

Rather than treating regulation as a static framework, the Board continues to review its operational systems and introduce adjustments where necessary to address weaknesses and improve the integrity of gold transactions.

All licensed buyers and aggregators have consequently been directed to take the necessary steps to ensure full operational readiness ahead of the October 1 implementation date.