The Importers and Exporters Association of Ghana (IEAG) has called for reforms in the operations of the Ghana Gold Board (GoldBod) to ensure fairness and sustainability in the gold aggregation and export market.
In a press release issued on February 11, 2026, the Association acknowledged GoldBod’s efforts to formalise the gold trade, improve traceability, and strengthen Ghana’s external reserves through structured gold inflows.
According to IEAG, these measures are beginning to deliver measurable macro-economic benefits.
However, the Association expressed concern about what it described as operational practices that are constraining licensed self-financing gold aggregators and exporters.
Conflict-of-interest concerns
IEAG noted that GoldBod was established primarily as a regulatory and coordinating authority to curb illicit gold exports, particularly within the artisanal and small-scale mining sector, which accounts for more than half of Ghana’s total gold output.
The Association argued that GoldBod’s increasing direct participation in gold buying and exporting creates a potential conflict of interest by placing the regulator in direct commercial competition with private operators.
According to IEAG, while more than 200 aggregators have reportedly been licensed, only a few — about five — operate with financial backing linked to GoldBod and the Bank of Ghana, including concessionary or interest-free financing arrangements.
Meanwhile, self-financing aggregators rely on commercial loans at high interest rates, making their operations less competitive.
Delays and liquidity challenges
IEAG further raised concerns about delays in offtaker approvals, Know-Your-Customer (KYC) processes, and export clearances, which some aggregators say take several months despite meeting compliance requirements.
The Association also cited reports that export proceeds belonging to private aggregators are sometimes held for extended periods in Bank of Ghana or GoldBod-linked accounts, creating liquidity challenges for businesses in the capital-intensive gold trading sector.
Recommendations
IEAG proposed the adoption of a risk-based supervisory framework, including escrow or deposit arrangements at the Bank of Ghana for high-risk transactions.
