The Ghana Gold Board (GoldBod) has announced changes to the gold testing rules for local purchases, effective October 1, 2026. According to a notice issued by the Compliance Directorate of GoldBod on September 28, the new rules aim to ensure accurate determination of gold purity. The Water Density method will no longer serve as the final basis for determining gold purity, price, or payment. This change is part of GoldBod's efforts to enhance the gold buying process in Ghana.
Under the new arrangement, X-Ray Fluorescence (XRF) testing will become the definitive method for determining the purity of gold doré purchased by GoldBod and its licensed buyers. The applicable payment for gold will be based on the purity determined through the XRF method. This move is expected to provide a more accurate and reliable way of assessing gold purity, which will help to prevent disputes and ensure fair transactions.
However, GoldBod has made provision for situations where licensed buyers may face operational or logistical challenges in using XRF. In such cases, or where both the buyer and seller agree, the Water Density method can be used, but with a 0.7 percent purity discount. This flexibility aims to minimize disruptions to the gold buying process while ensuring that the new rules are implemented effectively.
To ensure consistency in XRF test results, GoldBod has introduced a tolerance level for differences between successive tests for the same gold or transaction. The permissible difference between one XRF report and another must remain within plus or minus 0.1 percent. Any difference beyond this range will need to be verified before the transaction is completed or reported to GoldBod.
The new requirements apply to all aggregators and licensed gold buyers, who have been directed to ensure they are fully prepared to comply with the changes by October 1. GoldBod has emphasized that the notice forms part of the terms and conditions of licences issued to aggregators and licensed gold buyers. This move is aimed at promoting compliance and maintaining the integrity of the gold buying process.
Failure to comply with the new requirements will constitute a breach of the applicable licence conditions and could result in regulatory or enforcement action under the Ghana Gold Board Act, 2025 (Act 1140). GoldBod has warned that it will take action against non-compliant buyers, which may include revocation of licences. This underscores the importance of adhering to the new rules.
The implementation of the new gold testing rules is expected to have a positive impact on the gold industry in Ghana. By ensuring accurate determination of gold purity, the new rules will help to promote transparency and fairness in transactions. This, in turn, is likely to boost confidence in the industry and contribute to its growth and development.
Key points
- The Ghana Gold Board will implement new gold testing rules from October 1, 2026, using X-Ray Fluorescence method as definitive measure.
- The Water Density method will no longer serve as the final basis for determining gold purity, price, or payment.
- Licensed buyers who fail to comply with the new requirements risk regulatory or enforcement action under the Ghana Gold Board Act, 2025.
