Goldbod to Begin Refining One Metric Tonne of Gold Weekly in Ghana from February 1
Frank Ocansey
Editor, PulseView
Goldbod to Begin Refining: The Ghana Gold Board (Goldbod) is set to begin refining one metric tonne (1,000 kilogrammes) of gold every week locally from February 1, following the signing of a strategic partnership with Gold Coast Refinery Limited.
The agreement, formalised through a Memorandum of Understanding (MoU) signed in Accra on January 20, marks a significant step in Ghana’s efforts to strengthen its gold value chain, promote local industry, and accelerate the country’s broader industrialisation agenda.
Strengthening Ghana’s Gold Value Chain
Under the partnership, gold sourced and exported by Goldbod will now be refined in Ghana rather than sent abroad. The initiative is expected to substantially boost local refining capacity while ensuring that greater value is retained within the Ghanaian economy.
Speaking at the signing ceremony, Chief Executive Officer of Goldbod, Sammy Gyamfi, said the agreement would have far-reaching economic benefits, including job creation, increased state revenue, and enhanced industrial growth.
“This agreement will ensure that up to one metric tonne of gold exported by Goldbod will be refined here in Ghana at Gold Coast Refinery every single week,” Mr Gyamfi stated.
Keeping Refining Revenue in Ghana
Mr Gyamfi explained that Ghana has, for decades, exported raw gold for refining in countries such as Dubai, India, Switzerland, Hong Kong, and parts of Europe, resulting in the loss of millions of dollars in refining fees.
According to him, the new arrangement will ensure that these funds remain within the domestic financial system.
“The millions of dollars paid as refining charges to refineries in Dubai, India, Switzerland, Hong Kong and other foreign countries will now stay in our banking sector and economy,” he said.
He stressed that Ghana can no longer justify refining its gold abroad while local refineries struggle to operate at full capacity.
“We cannot continue to refine our gold in Europe while refineries in Ghana continue to suffer,” Mr Gyamfi added.
Gold to Meet International Refining Standards
As part of the agreement, Gold Coast Refinery Limited will refine gold sourced mainly from small-scale mining operations, ensuring a minimum purity level of 99.99 percent, which meets internationally accepted standards.
Every gold bar refined and exported under the arrangement will carry official hallmarks from:
- Gold Coast Refinery
- Ghana Gold Board (Goldbod)
- Ghana Standards Authority
- Bank of Ghana (BoG)
This multi-agency hallmarking system is expected to enhance transparency, traceability, and global confidence in Ghana’s refined gold exports.
Boosting Jobs, Revenue, and Industrial Capacity
Goldbod believes the local refining initiative will generate direct and indirect employment, particularly in refining, logistics, quality assurance, and regulatory compliance. In addition, the state is expected to benefit from increased tax revenue and dividends arising from higher domestic value addition.
The move aligns with Ghana’s long-standing ambition to transition from being a raw-material exporter to a value-added industrial economy, especially in the extractive sector where gold remains the country’s leading foreign exchange earner.
Commitment from Gold Coast Refinery
For his part, Chief Executive Officer of Gold Coast Refinery Limited, Said Deraz, welcomed the partnership and pledged to deliver strong, measurable outcomes.
He assured stakeholders that the refinery has the technical capacity and operational readiness to meet the agreed weekly refining targets while maintaining the highest quality standards.
A Strategic Shift in Ghana’s Gold Policy
The agreement represents a strategic shift in Ghana’s gold export policy, signalling increased state involvement in ensuring that more economic value from gold production is captured locally.
Industry analysts say the initiative could also help formalise parts of the small-scale mining sector by providing a reliable domestic refining outlet, while improving compliance with environmental, quality, and traceability standards.
As Ghana prepares to refine one metric tonne of gold weekly from February 2026, the partnership between Goldbod and Gold Coast Refinery is being viewed as a major milestone in repositioning the country as not just a gold producer, but a gold processing and value-addition hub in Africa.
Goldbod to Begin Refining One Metric Tonne of Gold Weekly in Ghana from February 1
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