The Ghana Gold Board (GoldBod) has signed an agreement with Gold Coast Refinery Limited and its South African partner Rand Refinery to begin round-the-clock gold refining in Ghana from February 1, 2026.
The deal, signed in Accra on Tuesday, January 20, will see up to one metric tonne of gold refined locally every week at the Gold Coast Refinery, a move the statutory body says will boost value addition, create jobs and keep millions of dollars in refining fees within the Ghanaian economy.
The agreement comes amid long-standing concerns that Ghana exports nearly all its gold in raw form, forcing the country to rely on foreign refineries to determine purity and value, often at a cost to national revenue.
Speaking at the signing ceremony, GoldBod Chief Executive Officer, Sammy Gyamfi, said the initiative marks a major shift in how Ghana manages its gold resources.
“Today is a great day because we are about to execute a landmark agreement that will fundamentally change how we add value to our gold. It never made sense that Ghana, with such a major refinery, still exports almost all its gold in raw form,” he said.
“This agreement will ensure that up to one tonne of gold exported by GoldBod every week is refined here in Ghana, and we intend to scale this up gradually,” the GoldBod CEO said, adding that “Our goal is total local refining of Ghana’s gold.”
Under the deal, the refinery, commissioned in 2016, will operate 24 hours a day in line with government’s 24-hour economy agenda.
GoldBod will also hold a 15 percent free carried interest in the Gold Coast Refinery on behalf of the state.
Sammy Gyamfi said the partnership would also help end losses linked to undervaluation of gold exports, as Ghana will now be able to accurately determine purity and value locally using fire assay methods.
Chief Executive Officer of Gold Coast Refinery, Dr. Said Deraz, described the agreement as a turning point for the facility, which has struggled with underutilisation since its commissioning.
“This partnership immediately changes the narrative. Gold Coast Refinery is modern, fully equipped and meets international standards, and we are ready to play our role in Ghana’s value addition and industrialisation drive,” he said.
Dr. Deraz said the refinery has the capacity to process significant volumes of gold annually and is working closely with Rand Refinery to achieve London Bullion Market Association (LBMA) accreditation.
On his part, Rand Refinery CEO, Dean Subramanian, said his company is proud to support Ghana’s push for local refining and responsible sourcing.
“This is not about reaching a destination overnight; it is a journey we must walk together. We are ready to support Ghana’s aspirations for local refining, sustainability and responsibly sourced gold,” he said.
The partnership is also expected to support traceability and formalisation in the artisanal and small-scale mining sector, while creating opportunities for jewellery fabrication through access to refined gold and silver.
Miracles Aboagye arrest: 'You looted and your reaction is that the tables will t...
Police arrest two with 73 parcels of suspected cannabis, reject GH¢300,000 bribe
NACOC traces 73 assets linked to suspected drug traffickers
Government seeks financial clearance to recruit 400 scientists – Armah Kofi-Buah
Ya‑Naa Abubakari II laid to rest at Gbewaa Palace
NPP will reinstate workers unlawfully sacked by NDC government - Chairman COKA
'Neglecting grassroots dangerous' – GFL warns NDC, NPP
'No money, no vote' — Bongo NPP delegates tell contestants in constituency execu...
NAM1 files witness statements in Menzgold trial, seeks to rely on seven defence ...
Miracles Aboagye’s wife raises health concerns over husband's detention by EOCO
