GoldBod, Gold Coast Refinery seal deal to add value locally -

Ghana has taken a major step towards reshaping the structure of its gold economy, as the Ghana Gold Board (GoldBod) signed a landmark agreement with Gold Coast Refinery Limited to refine gold locally before export.

The deal signals a strategic shift from decades of raw gold exports to value addition, economic retention and deeper industrialisation, with far-reaching socio-economic implications for the country.

The agreement forms part of government’s broader agenda to maximise national benefits from Ghana’s mineral wealth, particularly gold, which remains the country’s single largest foreign exchange earner.

Under the arrangement, Ghana will initially refine about one metric tonne of gold annually, equivalent to roughly 52,000 kilogrammes, marking a concrete beginning to local value addition in the gold sector.

Ending a longstanding raw export model

For decades, Ghana, Africa’s top gold producer, has exported almost all its gold in raw or semi-processed form, leaving refining, pricing and significant value capture to foreign refineries in Dubai, Switzerland, India, Hong Kong and other global hubs.

Despite hosting the largest refinery in the sub-region, local refining capacity has remained largely underutilised.

Mr Sammy Gyamfi, Chief Executive Officer (CEO) of GoldBod, who signed the agreement on behalf of the state, described the situation as unsustainable for a country endowed with vast mineral resources.

“About 99.9% of our gold has been exported in raw form. This agreement marks a turning point. Ghana can no longer afford to be a mere supplier of raw materials while value and jobs are created elsewhere,” he said.

Gold refining under the agreement is scheduled to commence on February 1, 2025, setting the stage for a gradual but deliberate transformation of Ghana’s gold value chain.

Strategic partnership with global standards in sight

The agreement was signed by Mr Adu Gyamfi for GoldBod and Dr Said Deraz, Chief Executive Officer of Gold Coast Refinery Limited, for the company.

It will initially focus on refining gold sourced from artisanal and small-scale mining (ASM) operations, a segment that has grown rapidly in recent years and now accounts for a substantial share of national output.

Crucially, the partnership also involves Rand Refinery of South Africa, Africa’s only London Bullion Market Association (LBMA)-accredited refinery.

Rand Refinery will provide technical and commercial support as Ghana works towards securing LBMA accreditation, a globally recognised standard that would allow locally refined gold to be traded in top-tier international markets without discount.

Under the agreement, all refined gold bars will bear the official emblems of GoldBod, the Ghana Standards Authority, the Bank of Ghana and Gold Coast Refinery, and will conform strictly to international standards on purity, weight and certification.

Retaining value and strengthening the economy

One of the most immediate socio-economic benefits of local refining is economic retention.

Ghana currently pays millions of dollars annually in refinery charges to foreign facilities, costs that are deducted before export proceeds are repatriated.

“The millions of dollars we pay as refinery charges to refineries in Dubai, Switzerland, India, Hong Kong and other foreign countries will now stay in our banking sector. That money will stay in our economy,” Mr Adu Gyamfi said.

By keeping these funds within the domestic financial system, Ghana stands to strengthen liquidity, support credit creation and improve overall macroeconomic stability.

The move is also expected to boost foreign exchange inflows, as better valuation and pricing of refined gold increases export earnings.

Jobs, taxes and the 24-hour economy

Beyond foreign exchange benefits, the agreement is expected to generate significant employment opportunities.

Local refining will create direct jobs at the refinery itself, as well as indirect employment across logistics, security, engineering, laboratory services and support industries.

The introduction of 24-hour refinery operations aligns with Ghana’s emerging 24-Hour Economy initiative, further expanding job opportunities and economic activity.

Increased local processing will also boost government revenue through higher tax receipts, dividends and related economic transactions.

Gyamfi noted that Ghana would receive a 15% free equity stake in Gold Coast Refinery, giving the state direct participation in profits generated from refining activities.

“This ensures that beyond taxes, the state earns dividends and has a vested interest in the success and sustainability of local refining,” he said.

Improving valuation, traceability and integrity

Local refining also addresses long-standing challenges associated with undervaluation, purity discrepancies and losses that often occur when gold is processed abroad.

Refining within Ghana ensures accurate measurement, certification and pricing before export, maximising national returns.

Equally important is improved traceability and integrity, particularly in the ASM sector.

By refining ASM gold locally under a regulated framework, Ghana can strengthen responsible sourcing, formalise small-scale mining and enhance transparency across the supply chain.

This is increasingly critical as global markets demand higher environmental, social and governance standards.

Supporting local industries and industrialisation

The availability of refined gold and silver locally is expected to support downstream industries, including jewellery manufacturing and fabrication.

Ghanaian jewellers and manufacturers will have more reliable access to high-quality inputs, opening new avenues for value-added exports and industrial growth.

Dr Deraz said the agreement would help change Ghana’s long-standing narrative of exporting raw gold while accelerating efforts to establish an LBMA-accredited refinery in the country. He added that operational challenges that affected Gold Coast Refinery after its commissioning in November 2016 had now been resolved.

“The refinery now has the capacity to process up to 180 metric tonnes of gold annually,” he said, far exceeding the initial volumes under the agreement.

“With this refining agreement, Gold Coast Refinery will receive gold doré from GoldBod and refine it into pure bullion before export. This value addition will increase export earnings, create employment and advance Ghana’s industrialisation agenda in line with the President’s vision for growth and development,” Dr Deraz said.

He pledged the full commitment of Gold Coast Refinery and its partner, Rand Refinery, to the effective implementation of the agreement.

Rising ASM performance and outlook for 2026

The refining deal comes against the backdrop of strong performance by GoldBod in the artisanal and small-scale mining segment.

In 2025, GoldBod exceeded its target of exporting 100 tonnes of ASM gold, generating an estimated US$10 billion in revenue over the period.

Looking ahead, GoldBod is forecasting improved operational performance in 2026, with earlier projections estimating ASM gold export revenues of about US$12 billion next year.

Local refining is expected to further enhance these figures by improving pricing, reducing leakages and retaining more value within the economy.

Govt assures supportive environment

Alhaji Yusif Sulemana, Deputy Minister for Lands and Natural Resources, expressed government’s appreciation to GoldBod, Gold Coast Refinery and their partners for the investment and confidence shown in the Ghanaian economy.

He assured the companies of a favourable operating environment and strong policy support.

Taken together, the agreement represents more than a commercial transaction.

It is a strategic move to reposition Ghana from a raw material exporter to a value-adding mineral economy.

By refining gold locally, retaining foreign exchange, creating jobs, improving traceability and securing a national ownership stake, Ghana is laying the foundation for a stronger, more integrated and resilient gold value chain.

For a country whose economic fortunes are closely tied to gold, the shift from raw exports to value addition marks a defining moment—one that promises broader socio-economic benefits and a more sustainable path to national development.