The Ghana Gold Board (GoldBod) has implemented a new trade finance structure to promote accountability, risk management, and the efficient administration of monies made available to licensed gold buyers through its Gold Purchase finance Programme.
The new framework, which goes into effect right now, lays out requirements for Tier 2 Licensed Gold Buyers and other qualified licensees who want to use Aggregators to access GoldBod’s trade finance.
The program is a component of GoldBod’s larger initiatives to support sustainability, financial discipline, and openness in Ghana’s official gold trading industry.
Before obtaining financing under the updated framework, all qualified Tier 2 Licensed Gold Buyers must submit a formal application to an Aggregator, show a current GoldBod Tier 2 Licence for verification, and finish all Know-Your-Customer (KYC), due diligence, and creditworthiness evaluations.
A Trade lending Agreement detailing the lending terms, payback obligations, reporting requirements, and compliance responsibilities must also be signed by applicants and the aggregator.
Before any trade funds are released, the agreement must be filed to GoldBod for approval.
GoldBod has implemented a security requirement that requires financed buyers to present an adequate bank guarantee, advance payment guarantee, insurance bond, or other approved security in order to protect public funds.
Ten to fifty percent of the authorised financing amount will be covered by the security, depending on the results of the buyer’s credit evaluation.
Additionally, the Board has instructed all present Trade Financing Program beneficiaries to close their current financing accounts with Aggregators and settle all outstanding debts by August 1, 2026, in order to regularise their participation under the new framework.
They will be taken off the list of qualified Tier 2 Licensed Gold Buyers until all unpaid balances are paid.
Strict enforcement actions for defaulters were also described by GoldBod. If a participant doesn’t respond to a first demand notice within 21 days, their GoldBod Buyer Licence may be suspended; if they don’t respond to a final demand letter within 30 days, criminal action may be taken.
In order to avoid numerous financing agreements, the Board has also implemented restrictions. While Tier 1 Licensed Buyers are not allowed to receive GoldBod trade finance from more than three funded Tier 2 Licensed Buyers at any one time, funded Tier 2 Licensed Buyers are not allowed to get financing from another funded Tier 2 Buyer.
Regulatory penalties, such as the suspension or revocation of financial approvals, may result from violations of these clauses.
According to GoldBod, the new framework is intended to improve governance, safeguard public resources, and guarantee that its Trade Financing Program will continue to foster a transparent, accountable, and financially viable gold trading environment in Ghana.
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Source: newsthemegh.com