The Ghana Gold Board (GoldBod) has announced new mandatory requirements for Tier 2 licensed gold buyers who wish to access its trade financing scheme through approved aggregators.
In a notice issued on Wednesday, July 22, 2026, GoldBod said the updated guidelines are designed to improve accountability, strengthen risk controls and ensure greater compliance among participants in the programme.
Under the revised arrangement, Tier 2 licensed buyers seeking financing must submit official requests through an aggregator, provide a valid GoldBod Tier 2 Buyer Licence for authentication, undergo Know-Your-Customer (KYC) checks, due diligence reviews and credit assessments before receiving approval.
Successful applicants will also be required to sign a Trade Financing Agreement, which will include security arrangements such as a bank guarantee, advance payment guarantee, insurance bond or any other form of acceptable security approved by the aggregator.
GoldBod stated that the security requirement will range from 10 per cent to 50 per cent of the approved financing amount, depending on the buyer’s credit evaluation and risk profile.
The Board explained that all Trade Financing Agreements must outline key details, including financing conditions, repayment schedules, reporting obligations, compliance requirements, security terms and consequences of default. The agreements will only become valid after receiving approval from GoldBod.
GoldBod further clarified that buyers will only be allowed to access financing and begin trading after completing all registration procedures, satisfying due diligence requirements, signing relevant agreements and meeting conditions set by aggregators.
Existing beneficiaries given August 1 deadline
The Board has directed current Tier 2 beneficiaries of the financing programme to align their operations with the new framework.
Existing participants must clear all outstanding financing obligations and close their current accounts with aggregators by August 1, 2026.
GoldBod warned that beneficiaries who fail to comply with the directive will be removed from the list of eligible Tier 2 buyers until their outstanding commitments are fully resolved.
Defaulting buyers face licence suspension
GoldBod has also outlined measures to deal with buyers who fail to meet their repayment obligations.
Under the recovery process, aggregators will issue a 21-day demand notice to defaulting buyers, requiring them to settle outstanding debts. If the buyer fails to comply, their GoldBod licence may be suspended.
A final 30-day notice will then be issued jointly by GoldBod and the aggregator, after which legal action, including possible criminal proceedings, may be pursued against defaulters.
Participation subject to continued compliance
GoldBod said continued access to the financing programme will depend on participants’ compliance with the Ghana Gold Board Act, 2025 (Act 1140), directives from the Board, the terms of financing agreements and the maintenance of a satisfactory credit record.
The Board stressed that participation in the scheme is a privilege rather than an automatic right and reserved the authority to review buyers’ credit profiles, trading activities, repayment history and compliance records.
Restrictions placed on additional financing
The new guidelines also place limits on multiple financing arrangements under the programme.
A Tier 2 licensed buyer that has already secured GoldBod-backed financing will not be permitted to obtain additional funding, either directly or indirectly, from another funded Tier 2 buyer within the same scheme.
Additionally, a Tier 1 licensed buyer will not be allowed to receive GoldBod trade financing from more than three funded Tier 2 licensed buyers simultaneously.
GoldBod cautioned that any financing arrangement that violates the new rules could result in the suspension or cancellation of approval, as well as other regulatory penalties.
