The Ghana Gold Board (Goldbod) is set to commence the local refining of one thousand kilogrammes (one metric ton) of gold every week starting February 1, following the signing of a landmark memorandum of understanding (MoU) with Gold Coast Refinery Limited.
The agreement, signed in Accra on January 20, marks a significant step in Ghana’s efforts to strengthen its gold value chain, promote local industry, and accelerate the country’s broader industrialization agenda.
Boosting Local Refining Capacity and State Revenue
Speaking at the signing ceremony, Chief Executive Officer of Goldbod, Sammy Gyamfi, described the partnership as a strategic move that would enhance Ghana’s local gold refining capacity while creating jobs and generating additional tax and dividend income for the state.
Under the agreement, all gold refined by Gold Coast Refinery and exported by Goldbod will carry official hallmarks of the Gold Coast Refinery, Goldbod, the Ghana Standards Authority (GSA), and the Bank of Ghana (BoG), a measure aimed at improving traceability, quality assurance, and international credibility of Ghanaian gold.
“This agreement will ensure that up to one metric ton of gold exported by Goldbod will be refined here in Ghana at Gold Coast Refinery every single week,” Mr. Gyamfi stated.
Retaining Value Within the Ghanaian Economy
Mr. Gyamfi emphasized that the initiative would help retain millions of dollars previously paid as refining charges to foreign refineries in countries such as Dubai, India, Switzerland, and Hong Kong.
“We cannot continue to refine our gold in Europe while refineries in Ghana continue to suffer,” he said, adding that keeping refining activities within the country would strengthen Ghana’s banking sector and overall economy.
Focus on Small-Scale Mining Gold
As part of the agreement, Gold Coast Refinery will refine gold sourced primarily from small-scale mining operations, with a minimum purity level of 99.99%, ensuring that locally mined gold meets international standards.
The Chief Executive Officer of Gold Coast Refinery, Said Deraz, pledged the company’s commitment to delivering strong and measurable results under the partnership, reinforcing confidence in Ghana’s capacity to add value to its mineral resources domestically.
A Step Towards Industrialization
Industry observers view the agreement as a major milestone in Ghana’s long-standing push to move beyond raw mineral exports toward value addition. By refining gold locally, Ghana stands to increase export earnings, support domestic industry, and solidify its position as a key player in the global gold market.
With operations set to begin in February, the Goldbod–Gold Coast Refinery partnership is expected to reshape Ghana’s gold refining landscape and set a new benchmark for resource-driven industrial growth.
