In a bid to ensure that about the 99.9% of all the gold exported in its raw form are refined locally, the Ghana Gold Board (GoldBod) has signed a deal with Gold Coast Refinery to refine 1 metric tonne of gold every week.
According to the Chief Executive Officer of GoldBod, Sammy Gyamfi, the deal will ensure that Ghana achieves total local refining of all the gold exported, as well as strengthen the country's gold reserves.
He stated that Ghana’s gold refinery, Gold Coast Refinery, has long been underutilised and has been operating far below its capacity. However, this agreement, which takes effect February 1, 2026, will boost its operations as it will work 24 hours per day.
GoldBod, Gold Coast Refinery ink historic agreement to refine gold locally
Speaking at the signing of the Gold Refining Agreement on January 20, 2026, Gyamfi noted that gold will be exported with a minimum purity of 99.9 percent, the highest standard in the industry.
He stated categorically that the refined gold will be gold bought, owned, and assayed by the Gold Board.
“This agreement, which we’ll be signing shortly, will ensure that up to one metric tonne of gold, equivalent to 1,000 kilogrammes, exported by the Ghana Gold Board will be refined here at Gold Coast Refinery every week. We hope to gradually ramp this up through a phased approach to achieve total local refining of all the gold we export,” he said.
He added that beginning February 2026, Ghana will stop spending millions of cedis on refinery charges paid to foreign refineries.
Gyamfi noted that Rand Refinery will bring its expertise and experience to bear to enhance the technical capacity management of Gold Coast Refinery.
This, he believes, will generate significant local revenue and boost the economy.
“The millions of dollars we currently pay as refinery charges to refineries in Dubai, Switzerland, India, Hong Kong, and other countries will now remain in our banking sector. That money will stay in our economy,” he stated.
The agreement between the Ghana Gold Board and Gold Coast Refinery will complement the government’s flagship 24-Hour Economy programme, increase tax revenue, and generate potential dividends.
The agreement also deepens Ghana’s stake in the gold value chain. It grants the Republic of Ghana a 15% free carried interest in Gold Coast Refinery, held by the Ghana Gold Board on behalf of the state.
SA/EB
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