Goldbod agreement designed to protect Ghana’s interest – Sammy Gyamfi

Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, says a new agreement will allow Ghana to refine up to one metric tonne of exported gold locally every week.

The agreement, reached between the Ghana Gold Board and Gold Coast Refinery, is aimed at strengthening local value addition in the gold sector and reducing the export of unrefined gold.

The deal follows months of technical engagement, regulatory assessment and board-level scrutiny.

Sammy Gyamfi explained that the refinery had addressed key concerns raised by the Gold Board ahead of the agreement.

He said the process included detailed reviews by the Gold Board’s governing board and the sector minister to ensure compliance with national standards and policy objectives.

“This agreement has gone through rigorous scrutiny by the governing board of the Gold Board and our sector minister,” he said. “It is designed to protect Ghana’s interest and ensure value is added before export.”

Under the arrangement, up to 1,000 kilograms of gold exported weekly by the Gold Board will be refined at Gold Coast Refinery in Ghana.

Sammy Gyamfi noted that the volume would be increased gradually under a phased plan.

“Our intention is to ramp this up through a gradual approach and achieve total local refining of all the gold we export,” he stated. “This is a critical step in transforming Ghana’s gold value chain.”

He praised Gold Coast Refinery for its cooperation and resilience despite facing operational challenges since its commissioning in November 2016.

According to him, the refinery remained committed to its investment in Ghana even during difficult periods.

“They have not relented despite the challenges,” Gyamfi said. “Their persistence and determination show they have not given up on the Ghana project.”

A major highlight of the agreement is the involvement of South Africa’s Rand Refinery, the only LBMA-accredited gold refinery in Africa.

Gold Coast Refinery has brought Rand Refinery on board to provide technical expertise and operational support.

“This is very exciting for us,” Gyamfi said. “Rand Refinery will bring its experience and expertise to enhance the technical and management capacity of Gold Coast Refinery.”

He expressed confidence that the partnership would improve refining standards and boost Ghana’s credibility in the global gold market.

The initiative also aligns with government efforts to promote industrialisation, create skilled jobs and retain more value from the country’s mineral resources.

The Gold Board believes the agreement marks a significant milestone in Ghana’s push to move beyond raw commodity exports and deepen local processing within the mining sector.