The Ghana Gold Board (GoldBod) has taken a major step in reshaping the country’s gold sector, signing an agreement with Gold Coast Refinery Ltd to refine one tonne of gold every week.
The move marks a significant departure from exporting mostly unrefined gold and signals Ghana’s ambition to build a domestic value-addition ecosystem, one that promises jobs, skills development, and greater gender inclusion.
Prof. Rufai Haruna Kilu, Associate Professor of Management at the University of Professional Studies, Accra, described the agreement as a “strategic intervention to transform Ghana’s gold industry, positioning the country to move decisively from raw gold exporter to value-adding industrial player.”
He added that the initiative is expected to deliver wide-ranging socioeconomic benefits while embedding sustainability throughout its operations.
Socioeconomic Impact
According to Prof. Kilu, refining gold locally offers more than just foreign exchange gains or savings on overseas processing. “This is not just about refining gold,” he said. “It’s about building a resilient industrial ecosystem, creating jobs along the value chain, and formalizing artisanal and small-scale mining operations.”
The refinery is projected to create employment across multiple areas, including technical, laboratory, logistics, security, and administrative roles. Indirect opportunities are also expected for suppliers, transporters, equipment maintenance firms, and small businesses that support the refinery ecosystem.
“Ghanaian engineers, metallurgists, and technicians will gain hands-on experience with modern refining techniques, reducing our long-term dependence on foreign expertise,” Prof. Kilu emphasized.
Gender Inclusion and Diversity
Mining in Ghana has historically been male-dominated, but the refinery opens doors for women in new roles. “Positions in quality assurance, environmental management, finance, and marketing can now be fully accessible to women, and we anticipate leadership opportunities emerging over time,” Prof. Kilu said.
He also highlighted that formalizing artisanal and small-scale mining through transparent buying and refining processes will particularly benefit women traders and processors, who often face challenges accessing capital and markets. “Fair pricing, safer working conditions, and income stability are now within reach for women in the sector,” he noted.
Sustainability at the Core
Sustainability is a central pillar of the refinery’s operations. Modern technologies are expected to reduce environmental impact, improve energy efficiency, and ensure responsible handling of chemicals.
At the same time, traceable sourcing of gold will discourage illegal mining, while local procurement and community engagement will ensure host communities share in the benefits.
“Economic sustainability comes from predictability,” Prof. Kilu said. “Consistent weekly refining volumes encourage investment, drive innovation, and create opportunities for downstream industries such as jewellery manufacturing and bullion trading.”
Policy Implications
The refinery also aligns with Ghana’s broader economic strategy, including the government’s push for a 24-hour economy. Prof. Kilu emphasized that meeting weekly output targets will require round-the-clock operations, efficient supply chain management, and robust export logistics, factors that could in turn stimulate growth in related sectors such as transportation, catering, energy distribution, and banking.
“This partnership is a model for continuous productivity and efficiency,” he said. “It shows how industrial initiatives can generate shared prosperity when sustainability, inclusion, and value addition are built into the core of operations.”
The GoldBod–Gold Coast Refinery agreement is more than a commercial deal. By combining domestic refining capacity with gender inclusion and sustainable practices, the initiative has the potential to transform Ghana’s gold industry and set a benchmark for responsible mining across Africa.
As Prof. Kilu points out, the agreement could refine more than just gold, it could refine opportunity, equity, and long-term prosperity for generations to come.
