Ghana to Process 52,000kg Gold Domestically Annually
Ghana is set to become a major player in gold refining in Africa, following the signing of a deal between the Ghana Gold Board (GoldBod) and Gold Coast Refinery Limited. The agreement will enable Ghana to locally refine one metric tonne, equivalent to 52,000 kilogrammes of gold annually, starting from February 1, 2026.
The deal is part of the government’s efforts to transform the sector from raw gold production to value-addition before export, thereby earning more from the precious metal. Mr Sammy Adu Gyamfi, CEO of GoldBod, and Dr Said Deraz, CEO of Gold Coast Refinery Ltd, signed the agreement, which will also see Rand Refinery provide technical and commercial support to Ghana.
Every refined gold bar will have the emblems of GoldBod, Ghana Standards Authority (GSA), the Bank of Ghana, and Gold Coast Refinery, adhering to global standards. According to Mr Gyamfi, the country had the largest refinery in the sub-region but operated below its capacity, with 99.9 per cent of gold exported in its raw form.
The development is expected to 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. “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.
Dr Deraz stated that the deal would change Ghana’s narrative from being a producer of raw gold to value addition, accelerating the journey to establishing an LBMA-accredited refinery in the country. The company’s operations were previously hindered by challenges but have since been addressed, with the capacity to process up to 180 metric tonnes of gold per year.
Alhaji Yusif Sulemana, Deputy Minister of Lands and Natural Resources, expressed the government’s appreciation to the companies for the investment and assured them of a favourable environment to operate.
Image Source: MYJOYONLINE
