The Ghana Gold Board has signed a Gold Refining Agreement with Gold Coast Refinery Company Limited, marking a major milestone in Ghana’s drive to deepen value addition and strengthen its gold value chain.
Speaking at the signing, the Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, outlined key benefits of the agreement, describing it as the first-ever local gold refining arrangement between the Government of Ghana and a Ghana-based refinery.
He noted that the agreement will retain millions of dollars in refining charges within the Ghanaian economy, create direct and indirect jobs through 24-hour operations, increase tax revenues, reduce gold undervaluation and purity losses, and ensure adequate supply of refined gold and silver for local jewellers. The deal also positions Ghana for LBMA-certified refining, enhances the integrity of gold exports, and strengthens ASM formalisation and full traceability.
This agreement marks a decisive step toward local value addition, job creation, and higher returns from Ghana’s gold.
The partnership seeks to reduce Ghana’s long-standing reliance on exporting raw gold, a practice that has historically led to significant revenue losses that could otherwise be captured through domestic refining and downstream processing.
Under the agreement, gold sourced from both artisanal and large-scale mining operations will be refined locally for trade and export, bolstering Ghana’s position along the global gold value chain.
Mr Sammy Gyamfi said the agreement will significantly enhance the implementation of a track-and-trace system across the gold sector.
He explained that Ghana’s daily export of approximately one tonne of gold will now be shipped in refined form, with a minimum purity of 99.9 per cent, the highest standard in the industry.
“This development marks a major milestone in Ghana’s gold trade and will help maximise national benefits from our mineral resources,” Mr Gyamfi said.
He further highlighted the economic benefits, noting, “The millions of dollars we pay as refinery charges to refineries in Dubai, Switzerland, India, Hong Kong, and other foreign countries will now stay in our banking sector. That money will now stay in our economy.”
On job creation, he added, “What this agreement also means is that we are creating more direct and indirect jobs, particularly because Gold Coast Refinery has committed to operating 24/7 in line with the government’s 24-hour policy.”
GoldBod emphasised that the partnership will help anchor more of the gold value chain within Ghana, ensuring that the country derives maximum value from its position as Africa’s leading gold producer.
