Ghana to begin local gold refining under new GoldBod agreement
Ghana has long exported almost all its gold in raw form despite having refinery capacity in the sub-region.
Ghana’s Gold Board (GoldBod) signed an agreement with Gold Coast Refinery Limited to locally refine gold 52,000 kilogrammes of gold annually before export.
The deal will see Ghana refine one metric tonne of gold annually, starting February 1, 2026, state media Ghana News Agency reports.
The agreement forms part of the government’s push to shift the country from exporting raw gold to processing it locally to increase revenue, jobs and foreign exchange earnings.
GoldBod Chief Executive Officer Sammy Adu Gyamfi signed for Ghana, while Gold Coast Refinery Limited Chief Executive Officer Dr Said Deraz signed for the Egyptian-owned firm. The initial phase will focus on refining gold from artisanal and small-scale mining operations.
Shifts from raw gold exports
Under the agreement, Ghana will receive a 15 percent free share of profits from investments in Gold Coast Refinery.
Each refined gold bar will carry the emblems of GoldBod, the Ghana Standards Authority, the Bank of Ghana and Gold Coast Refinery, in line with international standards.
The partnership also brings in Rand Refinery, Africa’s only London Bullion Market Association (LBMA)-accredited refinery, to provide technical and commercial support as Ghana works toward securing its own LBMA accreditation.
This would allow the country to refine gold from both small-scale and large-scale mining companies for global markets.
New changes
Speaking at the signing ceremony, Gyamfi said Ghana has long exported almost all its gold in raw form despite having refinery capacity in the sub-region.
“About 99.9 percent of our gold has been exported raw. That is about to change,” he said.
He said local refining would increase tax revenue and dividends, boost foreign exchange inflows, strengthen gold traceability and create jobs through round-the-clock refinery operations.
“The millions of dollars we pay as refinery charges to refineries in Dubai, Switzerland, India, Hong Kong and other countries will now stay in our economy,” Gyamfi said.
He added that the government is committed to implementing the agreement and working with stakeholders, including the Ghana Chamber of Mines, to bring large-scale mining firms into the local refining system.