The Importers and Exporters Association of Ghana (IEAG) has called for urgent reforms to ensure a level playing field in the operations of the Ghana Gold Board (GoldBod), warning that current practices are constraining licensed self-financing gold aggregators and exporters .
In a press statement issued on February 11, 2026, the Association acknowledged GoldBod’s progress in formalising gold trade, improving traceability, and strengthening Ghana’s external reserves through structured gold inflows. However, IEAG expressed concern that GoldBod’s increasing direct participation in gold buying and exporting presents a structural conflict of interest .
According to IEAG, GoldBod was established primarily as a regulatory and oversight authority to curb illicit exports, particularly from the artisanal and small-scale mining (ASM) sector, which contributes more than 50 percent of Ghana’s gold output. The Association argued that a regulator simultaneously competing in the same commercial space undermines competitive neutrality and risks distorting market outcomes .
IEAG noted that although over 200 aggregators have reportedly been licensed, only about five operate with direct financial backing linked to GoldBod and the Bank of Ghana, reportedly benefiting from concessionary or interest-free financing arrangements . In contrast, self-financing aggregators depend on commercial bank funding at high market interest rates, creating what the Association described as a systemic financial imbalance.
The group further raised concerns over prolonged due diligence and Know Your Customer (KYC) approval timelines, which it says have left many licensed aggregators waiting several months for export clearance despite meeting statutory requirements . IEAG warned that such delays expose exporters to lost contracts, reputational damage, and reduced foreign exchange inflows.
Additionally, the Association cited reports that export proceeds of self-financing aggregators are retained for extended periods in Bank of Ghana or GoldBod-linked accounts, creating liquidity challenges for private operators in the capital-intensive gold trade .
To address these concerns, IEAG proposed the adoption of a risk-based escrow and deposit framework. Under this system, offtakers assessed as high-risk would be required to deposit collateral or the full transaction value into a designated escrow account at the Bank of Ghana, rather than being excluded outright . The Association argued that such a model aligns with international best practices, protects regulatory objectives, and maintains market liquidity.
IEAG is urging GoldBod and relevant state institutions to clearly separate regulatory oversight from direct commercial activities, adopt non-discretionary approval systems, accelerate due diligence timelines with defined benchmarks, and review export-proceeds retention policies to align with global trade finance standards .
“Ghana’s gold sector is best served by strong regulation that enables markets, not one that substitutes for them,” the statement said.
The press release was signed by IEAG Executive Secretary, Samson Asaki Awingobit .
