The Ghana Gold Board (GoldBod) has announced a major overhaul of the country’s gold pricing framework, confirming that it will discontinue the use of continuously updated live gold prices and adopt a new benchmark-based system effective July 1, 2026.
The move, according to the Board, is aimed at enhancing transparency, ensuring pricing uniformity, and promoting stability across Ghana’s gold trading sector.
Under the new regime, GoldBod will rely exclusively on the internationally recognised LBMA Gold Price AM and LBMA Gold Price PM benchmarks to determine official gold purchase prices in the country. As part of this shift, two official prices will be published daily — the first at 10:30 a.m. based on the LBMA Gold Price AM, and the second at 3:00 p.m. using the LBMA Gold Price PM.
The Board explained that the Ghana cedi equivalent of these prices will continue to be calculated using the Bank of Ghana Reference Rate for each trading day.
GoldBod further indicated that the published prices will serve as the mandatory purchase rates for all licensed gold buyers, aggregators, and other participants within the gold value chain. Licensed buyers will not be permitted to negotiate or purchase gold at prices outside those officially set by the Board.
In a statement issued on Tuesday, June 23, the Board warned that any breach of the new pricing directive will constitute an offence under the Ghana Gold Board Act, 2025 (Act 1140).
“All licensed buyers are required to strictly comply with the official GoldBod prices published under this regime and shall not purchase gold at any other prices,” the statement emphasised.
Offenders risk severe penalties, including suspension or revocation of licences, confiscation of unlawfully traded gold, prosecution, and other administrative, civil, or criminal sanctions.
To ensure compliance, GoldBod disclosed that enforcement teams will be deployed nationwide, particularly across key gold-producing and trading centres, to monitor adherence to the new pricing framework.
The Board noted that the reforms follow extensive stakeholder consultations and are designed to promote fairness, responsible sourcing, and increased investor confidence in Ghana’s gold sector.
The introduction of the benchmark-based pricing system marks a significant shift in Ghana’s gold market structure, aligning the country more closely with global best practices while tightening regulatory oversight of gold trading activities.
