GoldBod begins local refining of ASM gold as Gold Coast Refinery operations take off

Ghana has officially commenced the local refining of gold purchased from the Artisanal and Small-Scale Mining (ASM) sector, following the start of full refinery operations by the Ghana Gold Board (GoldBod) in partnership with Gold Coast Refinery.

The milestone was marked with a familiarisation tour of the Gold Coast Refinery by the Minister for Finance and Economic Planning, Dr. Cassiel Ato Forson, together with the Chief Executive Officer of GoldBod, Sammy Gyamfi, Esq., members of the GoldBod Board, and management officials.

The visit follows a landmark agreement signed last month under which Gold Coast Refinery is to refine all ASM gold purchased by GoldBod, with refining operations officially commencing in February.

During the tour, the Executive Chairman of Gold Coast Refinery, Dr. Said Deraz, led the delegation through the facility’s full operational chain, demonstrating how raw gold supplied by GoldBod is processed into refined bullion bars.

He explained that the refinery has entered into a technical partnership with Rand Refinery, Africa’s only LBMA-accredited refinery, to ensure that Ghana’s ASM gold is refined locally to internationally accepted standards.

Dr. Deraz detailed the refining process, which includes crushing raw gold into a mud-like form, heating and purification stages that convert the material into granular gold, and the use of a flameless tunnel furnace and other advanced systems to produce finished bars. The delegation also inspected key facilities, including the assay laboratory, XRF and ICP-OES laboratories, melting room, gold dryer, incinerator, bar production section, and the refinery’s vault.

At the bar production section, Dr. Forson was presented with finished gold bars bearing the official stamps of the Ghana Gold Board, Gold Coast Refinery, the Bank of Ghana, and the Ghana Standards Authority. According to Dr. Deraz, the refinery has the capacity to process up to two tonnes of gold per week, although the current agreement with GoldBod provides for one tonne weekly.

“These gold bars you see here are for the Ghana Gold Board. We are only service providers,” he stated.

Addressing the media after the tour, Dr. Forson congratulated GoldBod, Gold Coast Refinery, and Rand Refinery on the successful commencement of local refining, describing it as the fulfillment of President John Dramani Mahama’s long-standing vision for Ghana to refine its own gold domestically.

He recalled that the Gold Coast Refinery was commissioned in 2016 under President Mahama but remained largely underutilised after his administration left office.

He noted that the President’s commitment to value addition informed government support for GoldBod’s partnership with Gold Coast Refinery and the decision to channel all ASM gold purchases into domestic refining.

The Finance Minister also commended GoldBod’s performance since it began full operations in May 2025, citing tangible economic benefits already emerging from its mandate. He disclosed that the refining operations have so far created employment for about 162 Ghanaians and enabled the refinery to operate on a 24-hour basis, in line with the government’s 24-hour economy policy.

Dr. Forson expressed satisfaction that, for the first time in Ghana’s history, the emblem of a Ghanaian state institution is being stamped on locally refined gold bars. He further urged Gold Coast Refinery to work towards securing London Bullion Market Association (LBMA) certification in the near future and encouraged GoldBod to establish a national assay laboratory before the end of the year, pledging his support for the initiative.

The Finance Minister also inspected bullion vans owned by Gold Coast Refinery and commended the company for investing in the logistics and security infrastructure needed to position Ghana as a major gold refining hub on the African continent.

By: Addo Dennis Adjei

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