GoldBod sets price ceiling for gold purchases

The Ghana Gold Board (GoldBod) has implemented a new directive establishing a price ceiling for gold purchases, a move intended to foster greater transparency, stability, and discipline within the nation's gold trading sector. This framework, effective immediately, follows extensive consultations between the Board and licensed gold buyers across Ghana.

Under the new guidelines, licensed buyers are mandated to acquire gold from miners and traders at a price not exceeding the GoldBod's published rate at the time of transaction. This ceiling may incorporate any approved rate gap bonus for licensed miners, along with an additional GH¢30 from the commission allocated to Tier 2 buyers. Crucially, Tier 2 buyers are prohibited from adding more than GH¢30 from their commission to either the purchase or sale price of gold, ensuring that no licensed buyer can acquire gold above the combined value of these approved components.

GoldBod emphasized that this measure is part of a broader strategy to enhance regulatory oversight, ensure market fairness, and protect the integrity of the formal gold trading system. The directive is expected to cultivate a more predictable and transparent pricing environment for all stakeholders, including miners, traders, and aggregators operating within the established licensing framework. The Board has warned that strict compliance is required, and any breach of the approved pricing threshold will be considered a violation of licensing terms, potentially leading to sanctions such as prosecution, suspension, or revocation of licenses.