Ghana is set to begin refining its own gold from February 1, 2026, following a landmark agreement between the Ghana Gold Board (GoldBod) and Gold Coast Refinery.
At the signing ceremony on Tuesday, January 20, 2026, GoldBod’s Chief Executive Officer, Sammy Gyamfi, announced that Gold Coast Refinery will refine one metric tonne of gold every week under the new partnership.
He explained that the initiative marks a decisive shift away from Ghana’s long-standing dependence on exporting raw gold, a practice that has cost the nation significant revenue over the years.
“From February 1, 2026, we will refine one metric tonne of gold every week. This is gold that we buy, we own, and we control,” Gyamfi said.
1 metric tonne of gold to be refined every week - Sammy Gyamfi announces
According to Gyamfi, the deal will generate both direct and indirect jobs, as Gold Coast Refinery has committed to operating around the clock in line with the government’s 24-hour economy policy.
“This agreement means more jobs, higher tax revenue for the people of Ghana, and potential dividends from our 15% free-carried interest. But beyond that, it delivers benefits worth sharing,” he noted.
Under the agreement, gold sourced from both artisanal and large-scale mining operations will be refined locally before being traded and exported. This move is expected to strengthen Ghana’s role in the global gold value chain.
From February, approximately one tonne of gold will be exported daily in refined form, meeting the industry’s highest standard of 99.9% purity.
Speaking in support of the agreement, the CEO of Gold Coast Refinery, Dr Saed Deraz, noted that the value addition will not only boost export earnings but also create jobs and drive Ghana’s industrialisation agenda, aligning with the President Mahama's vision for growth and development.
"The establishment of the Ghana Gold Board shows Ghana advancing toward a self-reliant, strong, and confident nation. Distinguished ladies and gentlemen, our journey began with the simple but ambitious goal to build a world-class gold refinery in Accra to serve Ghana and the sub-region. We confidently say that our journey was born from the vision of His Excellency during his first term as President of the Republic of Ghana," he said.
Dr Saed Deraz mentioned that Gold Coast Refinery is a modern, fully equipped facility that meets international standards and has the capacity to process up to 100 metric tonnes of gold per year.
SA/MA
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