GoldBod says 76% of gold exported since August refined locally

The Ghana Gold Board (GoldBod) says 76 per cent of the gold it has aggregated and exported since August 2026 has been refined locally, a development it says reflects growing efforts to retain more value from the country's mineral resources.

GoldBod Chief Executive Officer Sammy Gyamfi disclosed this at the Mining in Motion forum in Accra on Tuesday, saying 18.7 tonnes out of the 25 tonnes of gold aggregated and exported since August had been refined in Ghana.

He said the proportion of locally refined gold had risen further in October, with 5.4 tonnes out of the 5.7 tonnes purchased and exported during the month refined locally, representing 95 per cent.

According to Mr Gyamfi, the increase forms part of efforts to deepen local participation in the gold value chain and advance mineral sovereignty across Africa.

He explained that mineral sovereignty should go beyond ownership of natural resources to include control over financing, equipment, technology, processing, trading and other high-value activities within the mining sector.

Mr Gyamfi commended the management of Gold Coast Refinery and Royal Ghana Gold Refinery for their efforts to develop strategies towards securing London Bullion Market Association (LBMA) accreditation within the next three to five years, with regulatory guidance from GoldBod.

He stressed that expanding Ghana's local refining capacity was essential to ensuring that the country captured greater economic benefits from its gold instead of exporting the mineral largely in its raw form.

“Extraction without intentional policy does not automatically produce transformation. Mines do not build nations by accident,” he said.

Mr Gyamfi said Ghana was also seeking to address the high cost and risks associated with geological investigations, which he identified as a major barrier to greater indigenous participation in the mining sector.

Under its Mine Support Programme, GoldBod is partnering the Ghana Geological Survey Authority to conduct geological studies in selected areas to identify viable mineral deposits and attract credible international investors.

He said geological investigations were underway in the Upper West and Ashanti regions, including areas around Bibiani, as part of efforts to develop a reliable portfolio of investment-ready mineral assets.

According to him, the studies would help reduce investment risks while strengthening GoldBod's position to negotiate better equity stakes for Ghana in mining ventures resulting from the discoveries.

He said the strategy was intended to move the country beyond reliance on free-carried interests and royalties towards securing greater equity ownership in sustainable mining operations.

Mr Gyamfi also called for stronger cooperation among African countries to tackle illicit mineral flows, financing challenges, technology gaps and the loss of value from the continent's mineral resources.

He said Ghana's experience in formalising gold trading, increasing indigenous participation and expanding local value addition could contribute to developing a continental framework for mineral sovereignty and governance.

He cautioned, however, that Ghana's approach should not be treated as a rigid model for other African countries because national laws, mineral resources and institutional capacities vary across the continent.

“Ghana's gold must do more than glitter in global markets. It must finance Africa's transformation, create dignified work for our young people, and ensure a fair share of benefits for mining communities,” he said.

Mr Gyamfi urged African governments to strengthen local ownership, refining, processing and manufacturing to ensure that mineral wealth translates into job creation, economic stability and long-term prosperity.