GoldBod engagement with licensed gold traders has begun as the Ghana Gold Board steps up efforts to strengthen transparency, fairness and best practices in the artisanal and small scale mining gold trade.
GoldBod said the discussions are aimed at aligning local trading practices with international and industry standards while protecting value for miners, traders and the wider Ghanaian economy.
The board described the initiative as part of a broader push to build a more responsible and competitive gold market, particularly within the ASM sector which supports livelihoods across mining communities.
LBMA pricing formula and trading window to guide transactions
A key outcome of the engagement is the planned adoption of the London Bullion Market Association pricing formula and the approved LBMA trading window as the reference for pricing and booking ASM gold transactions.
GoldBod said the LBMA approach is intended to promote “fair and transparent gold pricing” while improving accountability in the domestic market.
Under the proposed framework, traders will be required to ensure “all gold transactions are recorded and booked within the approved LBMA pricing window,” a move expected to support traceability and boost market confidence.
GoldBod reiterated its commitment to ethical trading practices and said the reforms are designed to protect Ghanaian miners while positioning the country’s gold industry for stronger participation in global markets.
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