2025 Gold Export Tax in Ghana: All you need to know
Ghana, Africa’s leading gold producer, has long leveraged its vast mineral wealth to drive economic growth. In 2024, the country produced a record 4.8 million ounces of gold, with projections for 2025 estimating a 6.25% increase to 5.1 million ounces.
Gold exports are a cornerstone of the economy, contributing over 40% of export revenues and bolstering foreign reserves amid global uncertainties. However, exporting gold is heavily regulated, with taxes playing a pivotal role in revenue mobilization, curbing smuggling, and funding national development.
The gold export tax in Ghana, often referred to as a withholding levy, ensures the state captures value from this resource while balancing incentives for formal trade.
As of September 2025, under the newly established Ghana Gold Board (GoldBod) framework, these taxes remain a critical compliance element for exporters.
This overview explores the key aspects of gold export taxation, its evolution, and implications, providing essential insights for investors, traders, and policymakers.
Current Gold Export Tax in Ghana
and Structure
As of September 2025, Ghana’s gold export taxation is multifaceted, blending withholding levies, royalties, and fees to ensure fiscal capture without stifling trade.
The core export tax is the 1.5% withholding levy on unprocessed gold’s export value, administered by the GRA’s Customs Division.
This applies to all licensed exporters, deducted at the point of assay and clearance, with no levy on refined gold to promote value addition.
Complementing this are:
- Mineral Royalty Tax: A flat 5% on total mining revenue, separate from export levies, calculated annually per operation under the GRA’s Minerals and Mining Tax regime. For joint rights holders, it’s apportioned individually.
- Export Levy Breakdown: Beyond the 1.5% GRA withholding, exporters pay 0.5% to the Minerals Commission’s Small-Scale Mining Sustainability Fund and 0.118% to PMMC (now transitioning to GoldBod) for assay services.
- Assay and Administrative Fees: GoldBod/PMMC charges 0.1% of assayed value for purity verification, plus nominal license fees (e.g., $10-50 for applications, with full export licenses at ~$500-1,000 equivalent in cedis, valid 3 years).
- Other Charges: No VAT on exports (zero-rated under the VAT Act, 2013), but cumulative duties can exceed 3% including ECOWAS levies. Corporate income tax (25% for miners) and employee withholding apply upstream.
Under GoldBod, all Artisanal and Small-Scale Mining (ASM) gold—over 70% unlicensed historically—routes through licensed aggregators, with 80% value repatriation mandated via local banks.
Total effective tax burden: 6-7% at export, plus royalties. For a $250,000 shipment (100 oz at $2,500/oz), expect ~$3,750 in levies plus $250 assay.
Rates are subject to fiscal stability agreements for large-scale miners, potentially locking lower figures. GoldBod’s tax-exempt status aids efficiency, but non-compliance triggers audits and seizures.
Below is a tabulated summary of the current gold export tax rates and related charges in Ghana as of September 2025, based on the provided information. The table includes the key components of the tax structure, their rates, and an example calculation for a $250,000 gold shipment (100 oz at $2,500/oz).
Tax/Fee Component | Rate/Amount | Applied To | Example Cost ($250,000 Shipment) |
Withholding Levy (GRA) | 1.5% of export value | Unprocessed gold export value | $3,750 (1.5% of $250,000) |
Mineral Royalty Tax | 5% of total mining revenue | Annual mining revenue (not export-specific) | Not included in export calculation* |
Small-Scale Mining Sustainability Fund | 0.5% of export value | Export value (ASM gold) | $1,250 (0.5% of $250,000) |
PMMC/GoldBod Assay Service Fee | 0.118% of export value | Export value at assay | $295 (0.118% of $250,000) |
Assay Verification Fee | 0.1% of assayed value | Assayed gold value | $250 (0.1% of $250,000) |
Export License Fee | $500–$1,000 (in GHS, valid 3 years) | Per license (one-time/renewal) | Not included in shipment cost** |
ECOWAS Levies | Variable, contributes to >3% cumulative duties | Export value | Included in total burden estimate |
VAT on Exports | 0% (zero-rated under VAT Act, 2013) | Export value | $0 |
Corporate Income Tax | 25% (applies to miners, not export-specific) | Mining company profits | Not included in export calculation* |
Total Effective Export Tax Burden | 6–7% of export value (including royalties) | Export value + upstream taxes | ~$17,250–$20,250 (6–7% + $250 assay) |
Notes:
- Mineral Royalty Tax and Corporate Income Tax: These are upstream taxes, not directly applied at the export stage, so they are excluded from the per-shipment calculation but contribute to the overall tax burden for mining operations.
- Export License Fee: A one-time or renewal fee, not applied per shipment, hence excluded from the example shipment cost.
- Example Calculation: For a $250,000 shipment (100 oz at $2,500/oz), direct export levies and fees total approximately $5,545 ($3,750 + $1,250 + $295 + $250). The 6–7% total burden includes royalties and other upstream costs, which vary by operation.
- Fiscal Stability Agreements: Large-scale miners may negotiate lower rates, potentially reducing the effective burden.
- GoldBod Oversight: Ensures 80% value repatriation via local banks, with non-compliance risking audits, seizures, or fines up to 500% of evaded tax.
Regulatory Framework and Compliance Procedures
Gold export is governed by the Minerals and Mining Act, 2006 (Act 703, as amended), PMMC Act, and the 2025 GoldBod Act, emphasizing traceability to combat smuggling and money laundering. Only licensed entities can trade; foreigners must incorporate locally via the Ghana Investment Promotion Centre (GIPC) and secure a Gold Export License from the Minerals Commission/GoldBod.
Key Steps for Compliance:
- Licensing: Register business with Registrar General, obtain TIN from GRA, and apply to GoldBod (post-April 2025) with proof of $279 million seed capital backing for operations. Licenses expire April 30, 2025, for pre-GoldBod permits; new ones open April 22, 2025, online or in Accra.
- Sourcing and Assay: Purchase from licensed miners/aggregators; submit to GoldBod/PMMC for assay (fire or XRF methods) at designated centers. Report goes to Bank of Ghana (BoG), GRA, and Minerals Commission.
- Documentation: Secure Certificate of Origin, Commercial Invoice, Packing List, BoG Form A2 for forex, and Customs Declaration via ICUMS. Seals from GRA and GoldBod mandatory.
- Clearance and Export: Present at Kotoka International Airport; GRA inspects, collects taxes. Monthly returns to GoldBod required; 20% of large-scale output may route to BoG for reserves.
- AML/KPCS Compliance: Adhere to Financial Intelligence Centre rules; GoldBod implements Kimberley Process for diamonds, extending to gold traceability.
Foreign traders can JV with locals or buy as off-takers, but due diligence is crucial—verify licenses via GoldBod portal to avoid fraud.
Penalties: Fines up to 500% of evaded tax, license revocation, or imprisonment. Clinton Consultancy notes over $1 billion annual losses pre-reforms; now, formalized channels ensure 41.5 tonnes exported ($4 billion) February-May 2025.
You may also need to know;
Ghana Gold Export License
Issued by Minerals Commission/GoldBod under Act 703, requires registered business, TIN, financial proof ($1M USD for foreigners), and police clearance. Valid 3 years; costs $500-1,000. Foreigners need local JV; renew with monthly returns for legal purchase/export. (42 words)
Do You Need a License to Sell Gold in Ghana?:
Yes, PMMC/GoldBod mandates a Gold Dealer License for buying/selling, ensuring traceability and taxes. Register business, submit docs like incorporation certificate, Ghana Cards; unlicensed sales lead to fines/seizures. Ethical trade requires it. (41 words)
Documents Required to Export Gold from Ghana:
- Gold Export License (Minerals Commission/GoldBod)
- Assay Report (PMMC/GoldBod)
- Commercial Invoice (LBMA-based value)
- Packing List, Certificate of Origin
- BoG Form A2 (forex)
- Customs Declaration (ICUMS)
- GRA/assay seals
These verify purity, value, and compliance for Kotoka clearance.
Gold Export Procedure
Notify GoldBod/PMMC 2 days prior; assay at centers, pay 1.5% levy, seal with GRA. Submit docs at Kotoka for inspection/release. Monthly returns mandatory; all via licensed channels post-2025 Act to avoid smuggling penalties.
PMMC Ghana Gold Price
As of September 2025, 24K gold at PMMC/GoldBod is 1,117 GHS/gram ($2,650 USD/oz at 15.50 GHS/USD), linked to LBMA spot plus premiums. Daily fluctuations; check for fair export valuation/compliance.
Exporting Gold from Ghana
Via licensed LGEs only; source ASM/large-scale, assay at GoldBod, pay levies, clear Kotoka customs. Foreigners JV locally; 2025 GoldBod centralizes to curb smuggling, yielding $8.3B H1 forex. Verify via portal.
Where to Buy Gold in Ghana:
From GoldBod/PMMC outlets in Accra/Kumasi/Tarkwa, or licensed dealers like Buy Gold Bars Africa, A.A. Minerals, Emma Gold. Verify via Minerals Commission; assayed dore bars ensure export purity.
List of Gold Exporters in Ghana
Per Minerals Commission (Oct 2024, updated 2025): Gold Coast Refinery Ltd (MC-885), A.U. Resources (MC-GH/54), BH Mining (MC-GH/55), Adfat Co. Ltd., A.G.B Co. Ltd. Full at mincom.gov.gh; check status. (41 words)
