The Ghana Gold Board (GoldBod) has announced changes to the assay regime for local gold purchases, effective October 1. According to a compliance notice dated September 28, the new requirements aim to clarify the methods used to determine gold purity and payment basis for sellers. The changes will impact GoldBod and its licensed buyers.
Under the new regime, X-Ray Fluorescence (XRF) assay will become the definitive method for determining gold purity. Water-density testing will no longer be the basis for determining gold purity, pricing, or payment. Instead, it will serve as an indicative assessment of purity. Results from water-density testing will not solely determine the final price or payment for gold.
The move places XRF results at the centre of the purchasing process. They will be the principal technical reference for establishing gold purity and calculating payment. However, GoldBod has provided for circumstances where water-density testing may still be used. These include operational or logistical constraints preventing XRF use or mutual agreement between the buyer and seller.
In cases where water-density testing is used, GoldBod has directed that gold dore be purchased at a 0.7% discount on the purity determined through the water-density method. The new notice also introduces a specific tolerance for differences between successive XRF assay results. All licensed buyers must apply a purity deviation or “splitting” limit when comparing successive XRF assay reports.
The permissible difference between XRF reports must remain within ±0.1%. If the difference exceeds this limit, the transaction cannot proceed without further verification. GoldBod requires the matter to undergo verification before the transaction is concluded or reported to the Board. This provides a defined benchmark for resolving discrepancies between successive XRF assessments.
GoldBod has directed licensed buyers and aggregators to ensure they are fully operationally ready by October 1. Strict compliance with the notice will commence on that date. The requirements will apply to all aggregators and licensed gold buyers. Failure to comply will constitute a breach of licence conditions and may result in regulatory and enforcement measures under the Ghana Gold Board Act, 2025 (Act 1140).
The changes aim to provide a clearer and more reliable method for determining gold purity and payment. GoldBod's decision to introduce XRF testing as the definitive method is expected to impact the gold industry in Ghana. The Board's move is part of efforts to ensure a more transparent and efficient gold purchasing process.
Key points
- GoldBod introduces XRF testing as definitive method for gold purchases
- Water-density testing will no longer be the basis for determining gold purity, pricing, or payment
- Licensed buyers must apply a purity deviation limit when comparing successive XRF assay reports
