GoldBod directs licensed buyers to report gold purchases within five minutes

The Ghana Gold Board (GoldBod) has directed all licensed gold buyers to communicate details of every gold purchase transaction within five minutes after the transaction is completed.

The directive forms part of new compliance measures aimed at ensuring prompt transaction reporting, proper record keeping and improved oversight within the gold trading sector.

In a statement issued on Tuesday, June 23, GoldBod said the requirement takes immediate effect and applies to all licensed gold buyers dealing with licensed miners and licensed gold traders.

"Effective immediately, every licensed gold buyer shall, within five (5) minutes of completing a gold purchase transaction, communicate the details of the purchase to its financing Tier 2 Buyer or Aggregator, as applicable, by telephone call, text message, or any other approved communication channel for the purpose of booking the transaction," the notice stated.

The Board explained that gold purchase bookings can only be undertaken during approved trading periods ending at 8:00 p.m. on each trading day.

It also directed licensed buyers to issue receipts immediately after every transaction and ensure that the exact time of purchase is clearly indicated on the receipt.

According to the directive, all transaction records and supporting documents must be properly maintained and made available to GoldBod officials upon request.

The regulator cautioned that non-compliance with the directive will attract sanctions under the Ghana Gold Board Act, 2025.

"The GoldBod wishes to emphasize that the failure to promptly book purchases, maintain proper transaction records, issue receipts containing the required information, or otherwise comply with this directive constitutes a violation of Section 64 (1) (c) and (2) of the Ghana Gold Board Act, 2025 (Act 1140) and shall attract the applicable sanctions and enforcement measures prescribed under the Act," the Board stated.

GoldBod urged all licensed gold buyers to comply fully and immediately with the new requirements to avoid enforcement actions.

The latest directive forms part of ongoing efforts by the regulator to strengthen transparency, accountability and compliance within Ghana's gold trading sector.