GoldBod introduces new gold testing rules from October 1

GoldBod said the water density method would now be used only as a guide for assessing gold purity

The Ghana Gold Board (GoldBod) has announced that the water density method will no longer serve as the final basis for determining the purity and price of gold purchased from small-scale miners.

Under a new compliance directive, GoldBod said X-Ray Fluorescence (XRF) assay will become the definitive method for determining gold purity and the corresponding payment from October 1, 2026.

In a press statement released on September 28, 2026, GoldBod said the water density method would now be used only as a guide for assessing gold purity.

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“With effect from 1st October 2026, the Water Density method of assay shall be used solely as an indicative assessment of gold purity for local gold purchases and shall not constitute the definitive basis for determining the purity, pricing and/or payment for gold purchased by the GoldBod or its licensed buyers,” it stated.

This means the water density method will no longer be used as the final basis for determining the purity, price or payment of gold purchased by GoldBod or its licensed buyers.

According to GoldBod, XRF assay will be the standard method for determining gold purity, with the results used to calculate payments for all gold doré purchased by GoldBod and its licensed buyers.

However, GoldBod said the water density method could still be used in certain situations.

If a licensed buyer cannot use XRF due to a genuine operational or logistical challenge, or if both the buyer and seller agree to use the water density method, the gold will be purchased at a 0.7% purity discount based on the purity measured using the water density method.

The move means sellers who opt for the water density method could receive less for their gold compared with transactions assessed using XRF.

GoldBod has also introduced tighter checks on XRF results to ensure consistency.

Licensed gold buyers must ensure that the purity results from two XRF tests on the same gold or transaction do not differ by more than 0.1%.

If the difference exceeds 0.1%, the results must be checked again before the transaction is completed or reported to GoldBod.

The new rule takes effect on October 1, 2026, giving aggregators and licensed gold buyers only a few days to prepare.

GoldBod has asked all affected buyers to ensure they are ready before the new system begins.

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It also warned that the new rules form part of the conditions attached to their licences.

Buyers who fail to comply with the rules could face regulatory or enforcement action under the Ghana Gold Board Act, 2025 (Act 1140).

DR/MA