The Ghana Chamber of Mines has thrown its weight behind the country’s domestic gold refining initiative, following the signing of an agreement between the Gold Board (GoldBod) and Gold Coast Refinery Limited.
The Chamber said the partnership would accelerate Ghana’s quest for international accreditation from the London Bullion Market Association (LBMA), a move that would allow large-scale mining companies to refine gold locally and significantly boost export earnings.
Under the agreement, Ghana, Africa’s leading gold producer, is expected to locally refine one metric tonne of gold weekly from artisanal and small-scale mining operations, translating into about 52,000 kilogrammes annually.
The long-term vision is to extend refining to gold produced by large-scale mining firms.
LBMA accreditation is globally recognised as a mark of quality and integrity, confirming a refinery’s ability to produce gold with a minimum purity of 99.5 percent.
It also provides access to international markets, strengthens buyer confidence and supports compliance with anti-money laundering standards.
Speaking at the signing ceremony, Chief Executive Officer of the Chamber of Mines, Dr Kenneth Ashigbey, said the Chamber fully endorsed the agreement, describing it as a critical step towards value addition in Ghana’s gold industry.
He said the deal marked a shift from exporting raw gold to refining locally, which would enable the country to earn more revenue and create greater economic value.
Dr Ashigbey noted that the GoldBod–Gold Coast Refinery agreement included a partnership with South Africa’s Rand Refinery, the only LBMA-accredited refinery on the continent, which would provide vital technical and commercial support to Ghana’s accreditation drive.
“The partnership with Rand Refinery is the solution. We can start with a two-stage process and, over time, with the agreement that has been signed, we will be able to fully refine gold in this country,” he said.
He described the agreement as the beginning of a long but necessary journey, stressing the Chamber’s commitment to ensuring that gold refining became firmly established and scaled up to meet global demand.
Dr Ashigbey said the Chamber would work closely with GoldBod and the Bank of Ghana to ensure that the required systems and standards for LBMA accreditation were put in place.
“With the Chamber of Mines at the forefront, Ghana is positioning itself to capture greater value from its gold industry,” he said, adding that seeing gold stamped with Ghana’s own mark would be a major milestone for the country.
He expressed optimism that LBMA accreditation would enhance Ghana’s standing in the global gold market, create jobs, boost investor confidence and ensure that locally refined gold was proudly branded as ‘Made in Ghana’.
Deputy Minister of Lands and Natural Resources, Alhaji Yusif Sulemana, assured investors that Ghana remained a safe and profitable destination for business, particularly in gold production and related activities.
“Your investments will bear the fruits you envisage. Ghana is a jurisdiction where you can do business without fear,” he said.
Chief Executive Officer of GoldBod, Mr Sammy Adu Gyamfi, announced that gold refining operations were expected to commence on February 1, 2025, adding that Ghana would receive a 15 percent free share of profits from investments in the Gold Coast Refinery.
He said the initiative would help Ghana maximise returns from its mineral resources through increased tax revenue and dividends, improved foreign exchange inflows, enhanced gold traceability and the creation of direct and indirect jobs through 24-hour refinery operations.
“The millions of dollars we currently pay as refinery charges to facilities in Dubai, Switzerland, India, Hong Kong and other countries will now remain in our banking sector and within our economy,” Mr Gyamfi said.
