Ghana Gold Export Procedure: Comprehensive Guide for Exporters 2025
Ghana, historically known as the “Gold Coast,” is one of Africa’s leading gold producers, contributing significantly to the nation’s economy.
In 2023, gold exports from Ghana reached approximately $1.71 billion in the second quarter alone, with the sector accounting for about 48% of the country’s revenue through mineral royalties, taxes, and corporate earnings.
The gold export process is highly regulated to ensure transparency, compliance with international standards, and prevention of illegal activities like smuggling and money laundering.
This guide provides a detailed overview of the Ghana gold export procedure, key institutions, documentation, costs, regulations, and practical considerations for exporters, particularly Licensed Gold Exporters (LGEs) who are not holders of mining leases.
Overview of Ghana’s Gold Export Industry
Ghana’s gold industry is governed by the Minerals Commission, the Precious Minerals Marketing Company (PMMC), and, as of 2025, the Ghana Gold Board (GoldBod), which has taken over many of PMMC’s functions following the enactment of the Ghana Gold Board Act (Act 1140).
Gold exports are a critical economic driver, with large-scale mining companies and small-scale miners contributing to production.
Small-scale miners, in particular, are required to sell their gold to PMMC or GoldBod, which then facilitates exports through licensed entities.
The process is designed to ensure that gold is legally sourced, assayed, and exported with proper documentation to meet both national and international standards.
The Ghana gold export procedure is regulated under the Minerals and Mining Act, 2006 (Act 703) and the Minerals and Mining (General) Regulations, 2012 (L.I. 2173), with additional directives issued by the Minerals Commission, such as the July 14, 2016, guidelines for LGEs.
Recent developments, including the GoldBod Act, aim to curb smuggling, boost local refining, and ensure transactions are conducted in Ghanaian cedis to strengthen the local currency.
Key Steps in the Ghana Gold Export Procedure
The gold export process for Licensed Gold Exporters (LGEs) involves several steps to ensure compliance with Ghanaian regulations. Below is a detailed breakdown of the procedure, incorporating updates from 2025 policies:
Obtain a Gold Export License:
Any individual or company intending to export gold must be registered with the Minerals Commission and obtain a gold buying and export license.
Process:
Register with the Registrar-General’s Department and obtain a Taxpayer Identification Number (TIN) or GhanaCard PIN from the Ghana Revenue Authority (GRA).
Register with the Ghana Export Promotion Council to obtain an exporter number.
Apply to the Minerals Commission, which reviews technical and financial capabilities. The application is forwarded to the Minister of Lands and Natural Resources for approval under Sections 6 and 104 of the Minerals and Mining Act, 2006.
Cost: Fees vary and must be paid in Ghanaian cedis at the prevailing rate. Specific costs are not publicly detailed but can be obtained from the Minerals Commission.
Note: Foreign entities are advised to engage legal representation with expertise in Ghana’s mining laws to navigate licensing requirements and avoid scams.
Notify the Precious Minerals Marketing Company (PMMC) or Ghana Gold Board (GoldBod):
LGEs must inform PMMC (or GoldBod, as applicable) in writing of their export plans at least two working days before the planned weekly export.
Provide the full address and telephone number of the overseas consignee. For example, companies like A.A Minerals Limited or NIM Minerals Limited require this information to facilitate transportation to Kotoka International Airport (KIA).
Update (2025): Following the Ghana Gold Board Act, GoldBod has assumed responsibility for overseeing gold transactions, and all exports must now go through GoldBod to curb smuggling.
Submit Gold for Assay:
The LGE submits the gold ore to PMMC or GoldBod at a designated assay center, along with all export documents, including a Packing List, Invoice, and Declaration Documents.
Assay Process:
PMMC/GoldBod determines the gold’s purity and quantity (in ounces and kilograms) using an agreed assay method.
A report is prepared, detailing the gold’s purity, quantity, and value (based on the London Bullion Market Association (LBMA) spot price on the day of export). Copies are sent to the Bank of Ghana (BOG), Ghana Revenue Authority (GRA) Customs Officer at the assay center, and the Minerals Commission.
Cost: PMMC/GoldBod charges an assay fee of 0.1% to 0.176% of the gold’s value, payable by the LGE. Additional fees may apply from the Minerals Commission.
Sealing and Customs Inspection:
The assayed gold is inspected and sealed by a GRA Customs Official at the assay center using the Customs Division’s seal.
Process: The Customs Official endorses the Customs Declaration Form, ensuring compliance with export regulations. Gold cannot be exported without these seals and full documentation.
Documentation: Includes:
- Purity Certificate (gold content).
- Quantity (in ounces and kilograms).
- Value (in USD and Ghanaian cedis, based on LBMA spot price).
- Bank of Ghana Export Documents.
- Customs Export Documents (e.g., Certificate of Origin, if required).
- Transportation to Kotoka International Airport (KIA):
Responsibility: Companies like A.A Minerals or NIM Minerals arrange transportation of the sealed gold to KIA for delivery to the airline.
Cost: The exporter or consignee is responsible for insurance and airfreight charges.
Security: The gold is sealed in metal or wooden specie boxes on the day of export in the presence of PMMC/GoldBod representatives, Customs officials, and the LGE’s agent.
Final Documentation at KIA:
The LGE completes all required documentation at KIA before the gold is exported. This includes ensuring all export permits and customs forms are finalized.
Carrier Details: The LGE nominates a carrier and provides flight details to PMMC/GoldBod at least 24 hours before export.
Repatriation of Export Value:
Requirement: The export value of the gold must be repatriated to Ghana through PMMC/GoldBod’s US Dollar account with the Bank of Ghana, based on the London (AM) Gold Fix on the day of shipment.
Currency Update (2025): Gold transactions must now be conducted in Ghanaian cedis to strengthen the local currency, as mandated by GoldBod.
Monthly Returns:
Requirement: LGEs must submit monthly returns to the Minerals Commission as per their license agreements, detailing export activities and compliance.
Key Institutions Involved
- Minerals Commission:Oversees licensing and regulatory compliance for gold exports. Reviews applications and monitors LGE activities.
- Precious Minerals Marketing Company (PMMC): Conducts assays, issues purity certificates, and facilitates exports. As of 2025, many functions have transitioned to GoldBod.
- Ghana Gold Board (GoldBod): Established under the Ghana Gold Board Act (Act 1140), 2025, GoldBod now handles the buying, selling, and export of gold, aiming to curb smuggling and boost local refining.
- Bank of Ghana (BOG): Regulates financial aspects of gold exports, including value repatriation and exchange control (e.g., Form A2).
- Ghana Revenue Authority (GRA) Customs Service: Inspects and seals gold, endorses export documents, and enforces tax and royalty payments.
- Kotoka International Airport (KIA): The primary exit point for gold exports, where final documentation and customs checks occur.
Regulatory Authorities for Gold Export in Ghana
Ghana Revenue Authority (GRA) – Customs Division
Responsible for overseeing import and export procedures, collecting duties, and ensuring compliance with national tax laws during gold shipments.Ghana Export Promotion Authority (GEPA)
Provides support, guidance, and licensing assistance for exporters, helping businesses meet regulatory requirements and access international markets.Bank of Ghana
Oversees foreign exchange transactions and payments related to exports, ensuring legal repatriation of proceeds from gold sales abroad.Sector-Specific Authorities
Minerals Commission: Regulates mining and export of gold and other minerals.
Forestry Commission: Oversees timber exports (for context in multi-sector compliance).
These authorities collectively ensure that gold exports are legal, transparent, and compliant with Ghanaian regulations.
Costs and Taxes
- Assay Fee:1% to 0.176% of the gold’s value, payable to PMMC/GoldBod.
- Royalty:A 5% royalty on the value of exported gold, payable to the government.
- Corporate Taxes: Exporters must comply with corporate tax requirements based on revenue.
- Withholding Tax: A 3% withholding tax applies to small-scale miners’ output at the point of export.
- Insurance and Airfreight:Costs borne by the exporter or consignee, varying by shipment size and destination.
Additional Fees: The Minerals Commission may charge licensing or administrative fees, details of which are available upon application.
Required Documentation for Gold Export from Ghana
Commercial Invoice – Details the value, quantity, and description of the gold.
Packing List – Specifies the contents of each shipment package.
Certificate of Origin – Confirms the gold’s source country.
Export License – Mandatory for gold or other restricted goods.
Bill of Lading or Airway Bill – Shipping documents for transportation.
Insurance Documents – Optional but recommended to protect against loss or damage during transit.
These documents ensure legal compliance, smooth customs clearance, and secure international shipments.
Export Restrictions and Compliance in Ghana
Restricted or Prohibited Items: Certain goods cannot be exported without authorization, including gold, cocoa, timber, and specific minerals, as well as arms, endangered wildlife products, and hazardous materials.
Rules for Controlled Commodities: Exporters of regulated products like gold must obtain licenses from the Minerals Commission, provide assay certificates, and comply with customs and foreign exchange regulations. Cocoa, timber, and other minerals have sector-specific authorities overseeing their trade.
Penalties for Non-Compliance: Violating export rules can result in confiscation of goods, fines, criminal charges, and suspension or denial of future export licenses, emphasizing the importance of strict adherence to regulations.
Due Diligence and Anti-Money Laundering (AML) Compliance
Due Diligence: Foreign exporters must conduct thorough due diligence to verify the legitimacy of local partners.
Unlicensed entities posing as gold exporters are a common scam risk. Engage legal firms like Legalstone Solicitors LLP with expertise in Ghana’s mining laws.
AML Regulations: Exporters must comply with international anti-money laundering laws, disclosing detailed transaction information to the Bank of Ghana. Gold must be certified as conflict-free, with a Certificate of Origin if required.
Warning: Avoid paying cash directly to local suppliers without PMMC/GoldBod verification to prevent fraud.
Practical Considerations for Exporters
Choosing a Licensed Exporter:
Verify the LGE’s license with the Minerals Commission. A list of licensed companies is available as of October 15, 2024.
Examples of reputable LGEs include A.A Minerals Limited, NIM Minerals Limited, and Gudiepa Ghana Limited.
Market and Pricing:
Gold is priced based on the LBMA spot price on the day of export, typically with a discount of up to 1.25% covering freight, insurance, and refining charges.
The gold market is volatile, requiring exporters to monitor trends and allocate resources to meet international demand and regulations.
Logistics:
Arrange a reliable carrier for airfreight from KIA. Provide flight details to PMMC/GoldBod 24 hours in advance.
Ensure secure packaging in sealed metal or wooden specie boxes to prevent tampering.
Environmental and Social Compliance:
Exporters must adhere to environmental regulations, such as obtaining an Environmental Permit from the Environmental Protection Agency (EPA) for mining-related activities
Ensure gold is sourced responsibly to comply with international standards for conflict-free minerals.
2025 Updates:
The Ghana Gold Board now exclusively handles gold exports, banning direct purchases by foreign investors from small-scale miners to boost revenue and reduce smuggling.
Transactions must be in Ghanaian cedis, strengthening the local economy.
GoldBod’s new aggregation system aims to streamline exports and enhance local refining.
Challenges and Opportunities
Challenges:
- Smuggling: Illegal gold exports remain a concern, prompting stricter regulations via GoldBod.
- COVID-19 Impact: Restrictions and supply chain issues reduced small-scale gold output in 2020, though recovery is ongoing.
- Scams: Unlicensed entities pose risks to foreign investors, necessitating rigorous due diligence.
- Taxation: The 3% withholding tax and 5% royalty can impact profitability for small-scale exporters.
Opportunities:
- High Demand: Ghana’s gold is sought after for its purity, with exports to markets like Switzerland, India, South Africa, and the UAE.
- Economic Growth: Gold exports contribute significantly to Ghana’s GDP and foreign exchange earnings.
- Local Refining: GoldBod’s push for local refining (e.g., via partnerships with PMMC) offers opportunities for value addition.
- Investment Potential: Ghana’s stable economy and abundant gold reserves attract foreign investors, supported by improving infrastructure and technology.
Documentation Checklist
To export gold from Ghana, ensure the following documents are prepared:
Export License from the Minerals Commission.
- Bank of Ghana Exchange Control Form A2 (via your bank).
- Customs Declaration Form (endorsed by GRA Customs).
- Packing List and Invoice.
- Assay Report (from PMMC/GoldBod, detailing purity, quantity, and value).
- Certificate of Origin (if required by the destination country).
- Environmental Compliance Certificate (for mining-related activities).
Tips for Smooth Export from Ghana
Work with licensed freight forwarders or customs agents to ensure shipments comply with all customs procedures and reach international destinations safely.
Keep thorough documentation for audits, including invoices, packing lists, certificates of origin, export licenses, and assay reports.
Stay updated on regulatory changes in Ghana and destination countries to avoid delays or legal issues.
Consider insurance for valuable cargo like gold to protect against loss, theft, or damage during transit.
Following these steps ensures efficient, legal, and risk-free export operations.
Conclusion
Exporting gold from Ghana is a lucrative but highly regulated process requiring compliance with the Minerals Commission, PMMC/GoldBod, Bank of Ghana, and GRA Customs Service.
Key steps include obtaining an export license, notifying PMMC/GoldBod, assaying the gold, securing customs seals, and completing documentation at Kotoka International Airport.
Costs include assay fees (0.1%-0.176%), a 5% royalty, and airfreight/insurance charges. The Ghana Gold Board Act (2025) has centralized exports through GoldBod, mandating transactions in cedis and banning direct purchases by foreign investors from small-scale miners to curb smuggling.
Due diligence is critical to avoid scams, and legal representation is recommended for foreign exporters.
By following these procedures and leveraging Ghana’s robust gold market, exporters can tap into a high-demand industry while contributing to the nation’s economic growth.
Ensure your gold exports from Ghana are safe, legal, and profitable. Partner with Buy Gold Bars Africa Limited for licensed export services, verified documentation, and expert guidance on customs and shipping.
We help you navigate Ghana gold export regulations 2025, secure your export license, and arrange insured international delivery.
Protect your investment, avoid penalties, and access global markets with confidence. Contact us today to start exporting gold smoothly and legally with trusted professionals!
