Ghana has taken a major step toward ending the export of unrefined gold after the Ghana Gold Board (GoldBod) signed an agreement with Gold Coast Refinery to process one metric tonne of gold locally each week, starting February 1, 2026.
The deal, signed in Accra, is expected to strengthen domestic value addition in the gold sector and position the country to establish its first refinery accredited by the London Bullion Market Association (LBMA).
Chief Executive Officer of GoldBod, Mr. Sammy Gyamfi, said the agreement forms part of a broader government strategy to ensure that Ghana derives maximum economic benefit from its gold resources.
He noted that despite hosting one of the largest gold refineries in the sub-region, Ghana continues to export more than 99 per cent of its gold in raw form.
“This situation was clearly unsustainable,” Mr. Gyamfi said, explaining that a visit by GoldBod officials to Gold Coast Refinery last year revealed the facility was operating far below capacity due to the country’s heavy reliance on foreign refineries.
The agreement brings in Rand Refinery of South Africa—the only LBMA-accredited refinery in Africa—as a technical and commercial partner.
According to Mr. Gyamfi, Rand Refinery’s involvement will enhance technical expertise, strengthen management systems, and accelerate efforts to establish an LBMA-accredited refinery in Ghana.
He said the partnership demonstrates government’s commitment to responsible and traceable gold refining in line with international standards, adding that it would be implemented in phases with the long-term goal of refining all gold exported from Ghana locally.
Under the arrangement, gold refined in Ghana will meet a minimum purity of 99.5 per cent, with capacity for higher grades.
The state will also hold a 15 per cent free carried interest in Gold Coast Refinery, held in trust by GoldBod.
Mr. Gyamfi said local refining would save the country millions of dollars currently paid to foreign refineries, increase tax revenues, generate foreign exchange, and create both direct and indirect employment opportunities in line with government’s 24-hour economy policy.
He further noted that the agreement would resolve persistent challenges related to gold valuation by allowing fire assay—the internationally accepted gold testing method—to be conducted locally before and after refining, ensuring accurate pricing of Ghana’s gold.
Chief Executive Officer of Gold Coast Refinery, Dr. Said Deraz, described the agreement as a turning point for the facility, which was commissioned in November 2016, but has faced operational difficulties in the past.
He said the refinery is a modern, fully licensed facility with the capacity to process up to 180 metric tonnes of gold annually from ethical and responsible sources.
Dr. Deraz confirmed that Gold Coast Refinery has concluded a comprehensive technical, operational and commercial partnership with Rand Refinery, which he said would significantly advance Ghana’s ambition to host its first LBMA-accredited gold refinery.
“With this agreement, gold supplied by the Ghana Gold Board will be refined locally before export, creating jobs, increasing export earnings and supporting Ghana’s industrialisation drive,” he said.
He also expressed appreciation to President John Mahama, the Ministry of Finance, the Ministry of Lands and Natural Resources and GoldBod for their support, noting that the initiative could serve as a benchmark for other countries in the sub-region.
The signing ceremony brought together key industry players, including the Chief Executive Officer of the Ghana Chamber of Mines, Mr. Ken Ashigbey; Deputy Minister of Lands and Natural Resources, Alhaji Yusif Sulemana; Board Chairman of GoldBod, Mr. Kojo Fynn and representatives of Rand Refinery and other stakeholders in the gold value chain.
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The post Mahama Takes Bold Decision To Refine Gold In Ghana appeared first on The Ghanaian Chronicle.
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