Ghana has taken a significant step in its gold industry by launching a local gold refinery, aiming to increase revenue and reduce reliance on foreign refineries. According to Joy News, the refinery is expected to process at least one metric ton of gold weekly, with potential for expansion.
The move is seen as a major boost to Ghana’s economy, with the potential to create jobs and increase tax revenue. Gold Coast Refinery and Rand Refinery have partnered to make this a reality, with plans to adhere to international standards for responsible sourcing and sustainability.
However, concerns have been raised about the impact of ‘galamsey gold’ on the refinery’s success. ‘Galamsey’ refers to illegal, small-scale gold mining, which has devastated Ghana’s environment and undermined the formal economy. According to GoldBod’s Deputy Chief Executive Officer, Richard Nunekpeku, a gold traceability program is being implemented to ensure gold supplied to the refinery is from sustainable and licensed operations.
Ghana’s gold exports reached record levels in 2025, earning nearly $21 billion, but almost all of the small-scale gold was sold to markets like Dubai and India, where buyers often accept gold at discounted prices with less emphasis on strict sourcing rules. The country’s artisanal mining sector is large and growing, making effective tracking a challenge.
The Ghana Gold Board is working to address these concerns, including passing new legislation to introduce a sliding royalties rate and improve transparency. As Ghana positions itself as a gold refining hub, the success of the refinery will depend on its ability to ensure responsible sourcing and maintain international standards.
The implications of this initiative are far-reaching, with potential benefits for local businesses, job creation, and increased revenue for the country.
Call or WhatsApp +233 20 2190 250 and share your story.
Author: Korkor Anumu
