The Ghana Gold Board (GoldBod) has announced a change in the assay regime for determining the purity of gold purchased locally, effective October 1. The new system will see the X-Ray Fluorescence (XRF) assay become the definitive method for determining the purity of gold doré purchased by the Board and its licensed buyers. This change aims to ensure consistency in gold purity determination and strengthen the integrity of local gold purchases.
Under the new regime, the Water Density method will only be used as an indicative assessment of gold purity and will no longer serve as the definitive basis for pricing or payment. GoldBod CEO Sammy Gyamfi stated that the Board is taking steps to enhance the gold purchasing process. The compliance notice issued on September 28 outlined the new requirements, which will form part of the terms and conditions of all licences issued to aggregators and licensed gold buyers.
The new requirements introduce a purity differential or tolerance requirement for successive XRF assay reports relating to the same gold or transaction. Licensed buyers must maintain the permissible purity differential between successive XRF reports within a range of plus or minus 0.1%. Any purity differential exceeding this deviation limit shall be subject to further verification before the transaction is concluded or reported to the GoldBod.
In cases where a licensed buyer is unable to use XRF due to genuine operational or logistical constraints, or where both the buyer and seller voluntarily agree to use the Water Density method, the gold doré will be purchased at a 0.7% purity discount based on the purity determined through the Water Density method. This provision aims to provide flexibility while maintaining the integrity of the gold purchasing process.
GoldBod emphasized that all aggregators and licensed buyers must comply with the new regime from October 1. Failure to comply with the requirements will constitute a breach of the applicable licence terms and may attract regulatory and enforcement measures under the Ghana Gold Board Act, 2025 (Act 1140). The Board is taking steps to ensure a smooth transition to the new assay regime.
The introduction of XRF as the definitive method for gold purity assessment is expected to enhance the credibility of the gold purchasing process in Ghana. The new regime will help to reduce disputes and ensure that gold purchases are made with accurate purity assessments. GoldBod's move is seen as a positive step towards strengthening the gold industry in Ghana.
The Ghana Gold Board's decision to introduce XRF as the definitive method for gold purity assessment has been well-received by industry stakeholders. The new regime is expected to promote transparency and accountability in the gold purchasing process. With the new requirements in place, GoldBod is poised to ensure that gold purchases in Ghana are made with integrity and accuracy.
Key points
- The Ghana Gold Board will introduce XRF as the definitive method for gold purity assessment from October 1.
- The Water Density method will only be used as an indicative assessment of gold purity.
- Licensed buyers must maintain a permissible purity differential between successive XRF reports within a range of plus or minus 0.1%.
