GoldBod gives gold buyers just five minutes to report every purchase, new rule targets compliance, sanctions for violators.
The Ghana Gold Board (GoldBod) has directed all licensed gold buyers to report every gold purchase transaction within five minutes of completion as part of measures to enhance oversight and ensure compliance within the sector. In a compliance notice issued on June 23, 2026, the Board reminded licensed buyers of their responsibility to promptly and accurately record all gold purchases from licensed miners and traders. Under the directive, buyers must communicate transaction details to their financing Tier 2 Buyer or Aggregator within five minutes of completing a purchase through approved channels, including phone calls or text messages. GoldBod stated that purchase bookings can only be made during the approved trading period, which ends at 8:00 p.m. daily, and further instructed buyers to issue receipts immediately after each transaction, indicating all relevant details, including the exact time of purchase. The Board also emphasized the need to maintain proper records and make them available for inspection upon request. According to GoldBod, failure to comply with any aspect of the directive will constitute a breach of Section 64 of the Ghana Gold Board Act, 2025 (Act 1140), and may attract sanctions and other enforcement measures under the law.
