GoldBod Introduces Strict New Rules for Gold Purchase Financing to Tier 2 Buyers
The Ghana Gold Board has announced mandatory new procedures for all Tier 2 Licensed Gold Buyers seeking to access gold purchase financing provided by GoldBod through Aggregators, with immediate effect.
In a notice issued on July 22, 2026, the Board said the revised framework is intended to ensure stricter oversight and accountability in the administration of trade financing under its program.
According to GoldBod, any eligible licensed buyer seeking access to the financing must first submit a formal application to the Aggregator expressing their intention to participate.
Buyers are also required to present a valid GoldBod Tier 2 Buyer Licence for verification and complete all Know-Your-Customer, due diligence, creditworthiness and compliance requirements prescribed by the Aggregator.
GoldBod further stated that applicants must execute a Trade Financing Agreement with the Aggregator covering financing terms, repayment obligations, reporting requirements and other operational conditions.
As part of the agreement, buyers will be required to provide a Bank Guarantee, Advance Payment Guarantee, an Insurance Bond, or other acceptable security. The level of security will be determined by the Aggregator based on a creditworthiness assessment and approved by GoldBod, and will cover between 10 percent and 50 percent of the approved financing amount.
The executed agreement must then be submitted to GoldBod for consideration and approval before any funds are released.
Access to the trade fund and commencement of trading will only occur after all registration and due diligence requirements are completed, all prescribed agreements are executed, all conditions precedent are fulfilled, and GoldBod has approved the agreement.
The Board has also directed all existing participants currently benefiting from the financing to regularise their participation under the new framework.
Existing buyers are required to retire all outstanding trade funds and close their current trade financing accounts with Aggregators on or before August 1, 2026. Any participant who fails to meet the deadline will be removed from the list of eligible Tier 2 Licensed Buyers until all outstanding amounts are fully settled.
On defaults, GoldBod said Aggregators will issue a Demand Notice requiring settlement within 21 days of removal from the eligible list. Failure to comply will lead to suspension of the buyer’s licence, while a Final Demand Notice will be issued jointly by GoldBod and the Aggregator requiring settlement within 30 days, after which criminal proceedings may be commenced.
The Board added that continued participation in the program remains subject to compliance with the Ghana Gold Board Act, 2025, all GoldBod directives, the terms of the financing agreement, and the maintenance of an acceptable credit standing.
It emphasized that access to the financing is a privilege and not an entitlement, and that GoldBod reserves the right to review, suspend, restrict or withdraw access where necessary for risk management or the protection of public funds.
Additional restrictions have also been introduced. A Tier 2 Licensed Buyer that has received financing from an Aggregator under the program will not be allowed to receive further financing directly or indirectly from another funded Tier 2 Buyer under the same program. Tier 1 Licensed Buyers are also restricted from receiving GoldBod trade financing funds from more than three funded Tier 2 Buyers at any given time.
Any breach of these requirements may result in suspension or withdrawal of funding approval and other regulatory action.
GoldBod urged all funded licensed buyers to comply strictly with the new notice within the prescribed timelines to ensure uninterrupted access to trade financing provided through Aggregators.
