The Importers and Exporters Association of Ghana (IEAG) has called for what it describes as a “level playing field” in the operations of the Ghana Gold Board (GoldBod), warning that certain practices are constraining licensed self-financing gold aggregators and exporters.
In a press release issued on February 11, 2026, the Association commended GoldBod for progress made in formalising the gold trade, enhancing traceability and strengthening Ghana’s external reserves through structured gold inflows.
IEAG acknowledged that the reforms were beginning to yield measurable macro-economic benefits and aligned with efforts to curb illicit gold exports, particularly from the artisanal and small-scale mining (ASM) sector, which accounts for more than half of Ghana’s total gold output.
However, the Association expressed concern that GoldBod’s increasing direct participation in gold buying and exporting could create a structural conflict of interest.
According to IEAG, GoldBod was established primarily as a regulatory and oversight authority. Its involvement as a commercial player in the same market it regulates, the Association argued, risks undermining competitive neutrality.
“The current posture creates the perception of a regulator that is simultaneously setting the rules, enforcing compliance, and competing commercially within the same market space,” the statement said.
Drawing a comparison, IEAG suggested it would be untenable for the Bank of Ghana to compete directly with commercial banks while acting as regulator, citing disparities in access to capital, information and regulatory leverage.
The Association further noted that although more than 200 aggregators have reportedly been licensed, only about five operate with direct financial backing linked to GoldBod and the Bank of Ghana. Public reports, it said, indicate that such backing includes interest-free or concessionary financing arrangements.
In contrast, self-financing aggregators rely on commercial bank loans at prevailing market interest rates, which IEAG described as elevated. This, the Association argued, creates a financial imbalance that makes many private aggregators commercially unviable.
IEAG members also alleged that GoldBod-backed aggregators are increasingly acting as direct competitors rather than coordinators, sourcing gold independently instead of aggregating through licensed private exporters.
Another concern raised relates to export approvals. Licensed self-financing aggregators, the Association said, have reported extended due diligence timelines for offtaker approval, with some waiting several months for clearance despite meeting statutory and compliance requirements.
IEAG said it was raising the issues in fulfilment of its mandate to protect legitimate trade and investment, urging reforms that would preserve regulatory integrity while ensuring fair competition within Ghana’s gold export sector.
