Els: MBN360 Extractives/Energy
Gold Board (GoldBod) has directed licensed gold buyers to report all gold purchase transactions within five minutes of completion to improve transparency, accountability, and regulatory oversight in the country’s gold trading sector.
The directive, which takes immediate effect, was announced in a compliance notice issued by GoldBod requires licensed buyers to promptly communicate details of every gold purchase made from licensed miners and licensed gold traders to their respective financing Tier Two Buyer or Aggregator using approved communication channels.
“The new directive is designed to enhance compliance, improve transparency, and ensure that all gold transactions are reported, documented, and receipted without delay.”Ghana Gold Board
GoldBod said the measure forms part of efforts to ensure prompt and accurate booking of gold purchases while improving the integrity of records maintained throughout the country’s gold marketing value chain.
“Every licensed gold buyer shall, within five (5) minutes of completing a gold purchase transaction, communicate the details of the purchase to its financing Tier Two Buyer or Aggregator for the purpose of booking the transaction,”Ghana Gold Board (GOLDBOD)
The Board warned that failure to comply with the directive constitutes a breach of the Ghana Gold Board Act, 2025 (Act 1140) and could attract sanctions and enforcement measures prescribed under the law.
Immediate Reporting Now Mandatory
According to the new directive, licensed gold buyers are no longer permitted to delay the reporting of completed transactions.
Instead, buyers must notify their designated Tier Two Buyer or Aggregator immediately after every purchase through telephone calls, text messages or any other communication channel approved by GoldBod.
GoldBod further explained that the requirement is intended to improve the speed and accuracy of transaction recording while strengthening the Board’s ability to monitor gold purchases in real time.
The directive applies to all purchases made from licensed miners and licensed gold traders operating within the country’s regulated gold market.
Trading Hours Clearly Defined
GoldBod also clarified the period within which purchase bookings may be undertaken.
Under the new compliance framework, transaction bookings are permitted only during the approved trading period, beginning each morning and ending at 8:00 p.m. on every trading day.
The Board indicated that clearly defining trading hours will improve operational consistency while facilitating effective supervision of licensed gold trading activities across the country.
Industry participants have therefore been advised to organise their operations in line with the approved trading schedule to avoid potential compliance breaches.
Receipts and Records Must Be Maintained
Beyond the requirement for immediate reporting, GoldBod has directed every licensed buyer to issue a receipt immediately after completing each purchase transaction.
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The Board stressed that every receipt must clearly indicate the exact time the purchase was made together with all other relevant transaction details.
Licensed buyers have also been instructed to maintain all purchase receipts and supporting documentation in an orderly manner and make them available whenever requested by GoldBod or its authorised officers during inspections.
According to the Board, proper documentation remains essential for strengthening accountability, improving traceability and facilitating regulatory oversight throughout the gold trading process.
“The failure to promptly book purchases, maintain proper transaction records, issue receipts containing the required information or otherwise comply with this directive constitutes a violation of the law,”Ghana Gold Board (GOLDBOARD)
Non-Compliance to Attract Sanctions
GoldBod cautioned that any licensed buyer who fails to comply with the directive risks facing regulatory sanctions under the Ghana Gold Board Act, 2025 (Act 1140).
The Board specifically cited Section 64(1)(c) and (2) of the Act, noting that breaches relating to delayed transaction booking, inadequate record-keeping or failure to issue compliant receipts will be subject to enforcement measures prescribed by law.
they explained that strict enforcement of the directive forms part of broader efforts to ensure that all participants within the regulated gold market operate in accordance with established legal and operational standards.
The Board added that effective compliance will strengthen confidence in Ghana’s gold trading system while supporting government efforts to improve transparency and accountability across the sector.
Strengthening Regulation of Ghana’s Gold Industry
The directive reflects GoldBod’s continuing efforts to reinforce regulatory oversight following the establishment of the Ghana Gold Board as the country’s principal institution responsible for supervising and coordinating aspects of the gold trading industry.
GoldBold have consistently identified timely transaction reporting and accurate record management as essential tools for promoting transparency, improving market integrity and supporting responsible mineral trade.
By requiring immediate reporting of purchases and maintaining verifiable transaction records, GoldBod aims to enhance monitoring systems while reducing opportunities for irregularities within the gold supply chain.
The directive is also expected to improve data accuracy, facilitate inspections and strengthen regulatory compliance among licensed operators.
Licensed Buyers Urged to Comply Immediately
GoldBod has therefore urged all licensed gold buyers to fully comply with the directive without delay.
The Board stressed that adherence to the new requirements will contribute to a more transparent, accountable and efficient gold trading system while supporting the effective implementation of the Ghana Gold Board Act.
Issued by order of the Ghana Gold Board, the compliance notice reaffirms the institution’s commitment to enforcing regulatory standards and ensuring that all licensed participants operate within the legal framework governing Ghana’s gold industry.
As the directive takes immediate effect, licensed buyers are expected to review their operational procedures, strengthen internal record-keeping systems and ensure that every transaction is reported promptly to avoid sanctions while contributing to the continued integrity and sustainable growth of Ghana’s gold sector.
