Ghana signs first local gold refining deal to boost value addition

Ghana has taken a major step towards deepening value addition in its gold sector with the signing of a historic Gold Refining Agreement between the Ghana Gold Board (GoldBod) and Gold Coast Refinery Company Limited.

The agreement, signed in Accra, marks the first time the Government of Ghana has entered into a formal gold refining arrangement with a Ghana-based refinery. Officials say the move is expected to transform how the country manages and benefits from its gold resources by reducing reliance on foreign refineries.

Speaking at the signing ceremony, Chief Executive Officer of GoldBod, Sammy Gyamfi, described the deal as a milestone in Ghana’s long-standing quest to retain more value from its mineral wealth.

“Today marks a very important moment in our national quest to add value to our natural resources. It has never made economic sense for Ghana, a leading gold producer, to export the bulk of its gold in raw form when we have the capacity to refine it locally,” he said.

Under the agreement, GoldBod will begin refining substantial quantities of gold locally at the Gold Coast Refinery, with production expected to scale up progressively. Mr. Gyamfi noted that the arrangement would allow Ghana to retain millions of dollars previously paid to overseas refineries as processing charges.

“The millions of dollars we used to pay to refineries in other parts of the world will now remain in Ghana. This will strengthen our banking sector, improve foreign exchange inflows, and contribute directly to economic growth,” he stated.

Beyond foreign exchange gains, the GoldBod CEO said the deal would create significant employment opportunities, particularly through the refinery’s planned 24-hour operations in line with the government’s 24-hour economy agenda.

“This agreement will create both direct and indirect jobs, especially as the refinery will operate around the clock. It will also lead to increased tax revenues for the state and support local businesses along the gold value chain,” he added.

The agreement is also expected to address challenges associated with the export of unrefined gold, including undervaluation and purity losses, while ensuring a steady supply of refined gold and silver for local jewellers and artisans.

“Our jewellers will now have access to refined gold and silver locally, which will support the growth of downstream industries and promote made-in-Ghana jewellery,” Mr. Gyamfi said.

In addition, the refining partnership is expected to enhance transparency and traceability in Ghana’s gold exports, particularly within the artisanal and small-scale mining (ASM) sector. According to Mr. Gyamfi, the arrangement will support ongoing formalisation efforts and improve oversight across the gold value chain.

“This partnership will enhance the integrity of our gold exports, support ASM formalisation, and ensure that every ounce of gold can be traced. It also positions Ghana strongly for internationally recognised certification, including LBMA standards,” he noted.

Officials believe the agreement positions Ghana to emerge as a regional gold refining hub, while maximising national returns from its most valuable mineral resource through higher revenues, job creation, and sustainable industrial growth.

By Bawa Musah

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