Ghana to Refine Gold Locally, Boosts Economl

Ghana is set to revolutionize its gold industry with a landmark agreement between the Ghana Gold Board (GoldBod) and Gold Coast Refinery, aiming to process one metric tonne of gold weekly starting February 2026. This move marks a significant shift towards value addition and economic transformation, aligning with President John Dramani Mahama’s vision.

According to GoldBod CEO Sammy Gyamfi, the partnership addresses the long-standing issue of Ghana exporting raw gold, with 99.9% of gold exports leaving the country in its raw form. The agreement will see GoldBod supply one metric tonne of gold per week to Gold Coast Refinery, with the state securing a 15% equity stake in the refinery.

The refined gold will meet international standards, with a minimum purity of 99.5%, and potentially up to 99.999%. Rand Refinery, Africa’s only LBMA-accredited refinery, will provide technical support, helping Ghana work towards securing LBMA accreditation. This partnership is expected to retain millions of dollars in refining fees within the local economy, create jobs, and increase tax revenues.

“Today is a great day because we will be executing a groundbreaking landmark agreement that will change the face of management of our gold resources, particularly in relation to value addition,” Gyamfi said. The agreement also ensures compliance with OECD and LBMA guidelines on responsible sourcing, sustainability, and traceability.

The move is part of Ghana’s efforts to maximize earnings from its mineral resources and strengthen domestic processing. Gold Coast Refinery has committed to round-the-clock operations, aligning with the government’s 24-hour economy agenda.

This landmark deal positions Ghana as a key player in the global gold market, with potential for increased economic growth and development.

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Author: Korkor Anumu