Ghana has taken a major step toward increasing the value it earns from its gold industry by signing a new agreement that will see the precious metal refined locally before export.
The Ghana Gold Board (GoldBod) confirmed yesterday that it has entered into a partnership with Gold Coast Refinery Limited to refine gold sourced from artisanal and small-scale miners.
The initiative aligns with the government’s broader strategy to deepen value addition in the mining sector and improve national revenue.
Under the agreement, Ghana is expected to refine about one metric tonne of gold annually.
Despite being one of Africa’s leading gold producers and hosting a major refinery, the country has historically exported almost all its gold in raw form. GoldBod says this trend is now set to change.
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Speaking on the development, GoldBod Chief Executive Officer, Sammy Adu Gyamfi, noted that about 99.9 percent of Ghana’s gold has previously been exported without refining, describing the new deal as a turning point in how the country benefits from its mineral resources.
The agreement was signed by Gyamfi on behalf of GoldBod and by Said Deraz, CEO of Gold Coast Refinery Limited. South Africa’s Rand Refinery, the only refinery on the continent accredited by the London Bullion Market Association (LBMA), is also part of the arrangement, providing technical and commercial support.
This collaboration is expected to strengthen Ghana’s push to secure LBMA accreditation, particularly for gold produced by large-scale miners.
All refined gold bars will carry the markings of GoldBod, the Ghana Standards Authority, the Bank of Ghana, and Gold Coast Refinery, and will meet international bullion standards.
Gold refining is scheduled to commence on February 1, 2025, with Ghana receiving a 15 percent free share of profits from investments in Gold Coast Refinery.
Authorities say the initiative will boost foreign exchange inflows, increase tax revenue and dividends, improve traceability within the gold supply chain, and create both direct and indirect jobs through continuous refinery operations.
