Ghana to refine 52,000kg of gold annually

The Ghana Gold Board (GoldBod) has signed a deal with the Gold Coast Refinery Limited, which will make Ghana, Africa’s leading gold producer, locally refine one metric tonne, an equivalent of 52,000 kilogrammes of gold annually. 

The deal, signed on Tuesday, January 20, is part government’s efforts towards transforming the sector from raw producing war gold to value-addition before the export, while earning more from the precious metal. 

The refinery of gold will begin on February 1, 2026, with Ghana getting 15 per cent free share of profits from the investments in Gold Coast Refinery. 

Mr Sammy Adu Gyamfi, the Chief Executive Officer (CEO) of GoldBod, signed for Ghana while Dr Said Deraz, CEO of Gold Coast Refinery Ltd, signed for the Egyptian company, in an agreement to refine gold from artisanal small-scale mining operations. 

The partnership would also see Rand Refinery, Africa’s only accredited London Bullion Market Association (LBMA) company, provide technical and commercial support to Ghana as the country aims to get an LBMA accreditation to also refine gold from large-scale mining companies. 

Every refined gold bar would have the emblems of the GoldBod, Ghana Standards Authority (GSA), the Bank of Ghana and Gold Coast Refinery, while adhering to global standards. 

Mr Gyamfi, at the signing ceremony, stated that though the country had the largest refinery in the sub region, it had operated below its capacity with 99.9 per cent exported in its raw form – a situation that would change under the new agreement. 

He indicated that the refinery of gold would begin, effective February 1, 2026, with Ghana getting 15 per cent free share of profits from the investments in Gold Coast Refinery. 

He said the development would enable Ghana to maximise national benefits from its mineral resources, including higher tax revenue and dividends, boost forex, enhance the tracing of gold and create more direct and indirect jobs by operating a 24-hour shift. 

“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,” Mr Gyamfi said. 

The GoldBod CEO affirmed the commitment of the government to actionable implementation of the deal and working with various stakeholders, including the Ghana Chamber of Mines, to rope in large scale mining firms to local refinery. 

Dr Deraz, the CEO of Gold Coast Refinery, said the deal would change Ghana’s age-long narrative of being a producer of raw gold to value addition, while accelerating the journey to establishing an LBMA accredited refinery in the country. 

He said the company’s operations were hindered by some challenges following its commissioning in November 2016, but they had since been addressed, with the company now having the capacity to process up to 180 metric tonnes of gold per year. 

“With this refining agreement, Gold Coast Refinery will receive gold dore (raw gold) from the GoldBod and refine to pure (bullion) before export. 

“This value addition will not only increase export earnings and values but create employment and advance the industrialisation agenda in line with the President’s vision for growth and development,” Dr Deraz said. 

He pledged the commitment of Gold Coast Refinery and its partner, Rand Refinery, to the implementation of the agreement and working closely with the GoldBod to deliver strong and measurable results. 

Alhaji Yusif Sulemana, Deputy Minister of Lands and Natural Resources, expressed the government’sappreciation to the companies for the investment and the confidence reposed in the economy. 

He assured them of a favourable environment to operate. 

Source: GNA