Ghana’s Gold Board will adopt a new gold pricing regime linked to internationally recognised London Bullion Market Association (LBMA) benchmarks from July 1, while imposing strict limits on purchase prices to strengthen market discipline and curb irregular trading, according to statements issued on Tuesday.
The move is part of efforts by the state-backed Gold Board, known as GoldBod, to centralise and regulate bullion trading in Ghana, Africa’s leading gold producer.
Under the new system, GoldBod will publish two official daily purchase prices based on LBMA benchmark rates. The first will be issued at 1030 GMT using the LBMA morning fixing price, while the second will be published at 1500 GMT using the afternoon fixing price. Local currency prices will be calculated using the reference exchange rate set by the Bank of Ghana.
GoldBod said it would discontinue the use of continuously updated live prices and require all licensed buyers, aggregators and traders to transact strictly at the official prices published by the board.
The regulator said the reforms were aimed at enhancing transparency and standardising gold purchases across the country’s rapidly expanding artisanal mining sector.
Ghana established GoldBod in 2025 as part of broader efforts to sanitise the gold trade and improve oversight of artisanal and small-scale mining activities, which have become an increasingly important source of export earnings.
The sector’s output has surged in recent years, supporting the country’s economic recovery. However, the central bank reported a loss of 15.6 billion cedis ($1.4 billion) in 2025, citing the impact of monetary tightening measures and the cost of building reserves, including expenses associated with GoldBod-linked gold purchases.
In a separate statement, GoldBod announced that new rules taking immediate effect prohibit licensed buyers from paying more than the board’s published purchase price at the time of a transaction.
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The regulator warned that any violations of the pricing directive would attract sanctions, underscoring its determination to enforce compliance as it seeks to bring greater order to Ghana’s gold market.
