The Ghana Gold Board (GoldBod) will refine much of Ghana’s gold locally through a partnership with Gold Coast Refinery, aiming to capture more value within the country.
Under the agreement, up to one metric tonne (1,000 kilograms) of gold will be refined in Ghana every week beginning February 1, 2026, strengthening Ghana’s ability to retain value from its most important mineral export.
Speaking at the signing ceremony, GoldBod Chief Executive Officer, Sammy Gyamfi, said the agreement aligns directly with President John Dramani Mahama’s directive to move Ghana “from extraction to full value optimisation.”
“It did not make sense that we would have such a critical asset in our country, yet 99.9 per cent of all the gold we export leaves Ghana in its raw form,” Gyamfi said.
The agreement follows an April 2025 assessment visit by GoldBod officials to Gold Coast Refinery, where the government discovered that the facility, described as the largest gold refinery in the sub-region, was operating far below its installed capacity. The findings triggered technical audits, consultations, and operational recommendations aimed at restoring the refinery to optimal performance, all of which GoldBod says are currently being implemented.
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“The state of affairs we witnessed was troubling, and we reported this directly to the President and our governing board. That was when discussions began on how to make this refinery work for Ghana,” Gyamfi noted.
A key element of the deal is the involvement of RAND Refinery of South Africa, the only LBMA-accredited refinery in Africa. The partnership is expected to strengthen technical capacity, management systems, and governance at Gold Coast Refinery, while advancing Ghana’s long-term goal of achieving LBMA accreditation for a local refinery.
Government officials say the arrangement also ensures compliance with OECD and LBMA guidelines on responsible sourcing, sustainability, and traceability, supported by GoldBod’s soon-to-be-launched track-and-trace system.
The agreement addresses long-standing concerns about the undervaluation of Ghana’s gold exports. Ghana currently relies largely on XRF assays, which do not accurately determine gold purity, leaving final valuation to foreign refineries. Under the new framework, fire assay, the global gold standard, will be conducted locally, allowing Ghana to verify gold purity and value before export independently.
“This agreement will put an end to the situation where we export gold and wait for refineries outside Ghana to tell us what our gold is worth,” Sammy Gyamfi stated.
The deal is also expected to curb historical purity losses, improve revenue accuracy, and enable Ghana to determine silver content in its gold exports, creating opportunities for local jewellery fabrication and industrial use. All refined gold bars will carry hallmarks from Gold Coast Refinery, the Ghana Gold Board, the Ghana Standards Authority, and the Bank of Ghana.
Economically, refining gold locally will keep millions of dollars in refining charges, previously paid to refineries in Dubai, Switzerland, India, and Hong Kong, within Ghana’s financial system. Gold Coast Refinery has committed to round-the-clock operations in line with the government’s 24-hour economy agenda, with the potential to generate new direct and indirect employment opportunities and increase tax revenues.
In a further boost to public value, Gold Coast Refinery has granted the Republic of Ghana a 15 per cent free carried interest, held by GoldBod on behalf of the state, positioning the government to benefit from future dividends in addition to taxes.
While the initial weekly refining volumes will be sourced from gold purchased and controlled by GoldBod, primarily from the artisanal and small-scale mining sector, the government plans to expand the initiative to include large-scale mining companies. Engagements with the Chamber of Mines are already underway to broaden participation across the industry.
“We must stop refining our gold in Europe while refineries in Ghana struggle. We have to start from somewhere,” Gyamfi stressed.
Officials describe the agreement as a turning point in Ghana’s resource governance, combining industrial policy, transparency, sustainability, and domestic value retention. GoldBod says it is committed to translating the agreement into action, with plans to scale up refining volumes beyond the initial one-tonne-per-week target over time.
“Effective February 1, 2026, you will be getting a minimum of one tonne of gold every week, and subject to capacity, we intend to increase that,” Gyamfi said.
