The Ghana Gold Board (GoldBod) has revised the timing of its daily local gold price announcements, directing licensed gold buyers to adjust their operations to reflect changes in the London market’s benchmark-setting schedule.
Effective October 26, 2026, the morning price announcement will move from 9:30 a.m. to 10:30 a.m., while the afternoon announcement will shift from 2 p.m. to 3 p.m. The revised schedule will remain in place until March 27, 2027, with the previous times expected to resume on March 28, when the United Kingdom returns to British Summer Time.
The change follows the seasonal adjustment of British time, which affects the timing of the London Bullion Market Association (LBMA) Gold Price benchmarks used by GoldBod to determine Ghana’s official local gold purchase prices. Although Ghana does not change its clocks, the difference in time between the two countries changes when Britain moves between Greenwich Mean Time and British Summer Time.
GoldBod has clarified that the adjustment affects only the timing of price announcements. The rules and procedures governing local gold pricing and transactions remain unchanged.
The Board adopted the LBMA Gold Price AM and PM benchmarks in July 2026 as the sole international reference for determining official local gold purchase prices. The move was aimed at improving transparency and ensuring that licensed buyers and sellers use a recognised global benchmark rather than relying on inconsistent pricing methods.
Under the system, the international dollar price of gold is combined with an approved foreign exchange rate and the assessed purity of the metal to determine the local purchase price.
For instance, GoldBod’s published figures for October 23 showed an LBMA afternoon price of US$4,013.30 per ounce, a reference exchange rate of GH¢11.505 to the dollar and an approved purchase price of GH¢11,029 per pound.
The revised timetable has practical implications for licensed buyers, who must ensure that their purchasing teams, field agents and settlement arrangements reflect the new announcement times. Using the previous schedule could lead to the application of an outdated price, potentially resulting in disputes or compliance problems.
The adjustment also highlights the importance of accurate pricing in Ghana’s efforts to formalise its gold trade. A common, publicly available benchmark gives miners, aggregators and licensed buyers a shared reference point, making it easier to identify unexplained differences in the prices offered for gold.
However, transparent pricing alone cannot guarantee fair transactions. The reliability of the system also depends on accurate purity testing, adequate financing and timely payments to miners.
On October 1, GoldBod introduced X-Ray Fluorescence (XRF) as the definitive method for determining the purity and payment value of locally purchased gold doré, replacing the Water Density method. The change is intended to strengthen confidence in the assessment of gold presented for sale.
Together, the benchmark-based pricing system and XRF testing are designed to establish a more consistent process for determining both the quantity of pure gold in a consignment and its value on the international market.
GoldBod, established as the exclusive official buyer, seller, assayer and exporter of gold produced by Ghana’s licensed artisanal and small-scale mining sector, is central to the government’s efforts to improve traceability, curb smuggling and increase foreign exchange earnings from gold exports.
For these reforms to succeed, however, the formal market must remain attractive to small-scale miners. Complicated procedures, uncompetitive prices or delays in payment could push some producers towards informal buyers, weakening the very controls the Board is seeking to establish.
Financing remains another important consideration. Reports in August indicated that some buyers had experienced delays in accessing funds, although GoldBod rejected claims of a financing shortfall and said its support arrangements depended on creditworthiness, collateral and risk assessments.
The issue matters because licensed buyers need sufficient funds to purchase gold when miners bring it to market. Even a transparent and internationally competitive pricing system may struggle to attract supply if buyers cannot pay promptly.
Accurate timing is equally important. Gold prices fluctuate, and small differences can have significant financial consequences when transactions involve large quantities. Clearly defined pricing windows help reduce uncertainty over which benchmark applies to a particular purchase.
The one-hour adjustment will not directly determine the direction of the cedi or the volume of Ghana’s gold exports. Its significance lies in maintaining consistency between international benchmarks and the local prices used in the regulated market.
From October 26, licensed buyers must therefore work with the revised announcement times of 10:30 a.m. and 3 p.m. until the schedule changes again in March 2027.
For GoldBod, the broader challenge is to ensure that the system works efficiently on the ground. Buyers must receive prices on time, miners must understand how their payments are calculated, purity assessments must be reliable and settlements must be made without unnecessary delays.
The revised schedule is a relatively small operational change, but it reflects a wider requirement for Ghana’s gold sector: aligning domestic transactions with international market standards requires precision, transparency and consistent implementation.
