New Goldbod Deal: Ghana to refine up to one tonne of gold weekly

Ghana will begin refining up to one metric tonne of gold weekly under a new agreement aimed at shifting the country from raw gold exports to local value addition.

The agreement, signed between the Ghana Gold Board and Gold Coast Refinery, is expected to ensure that gold exported by the state agency is processed locally before shipment abroad. The deal forms part of broader efforts to strengthen Ghana’s gold value chain and retain more economic benefits from the sector.

Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, said the arrangement followed extensive engagements and strict regulatory review.

According to him, the refinery has implemented all recommendations issued by the Gold Board ahead of the agreement.

“The agreement has gone through rigorous scrutiny by the governing board of the Gold Board and the sector minister,” he said. “This is to ensure that Ghana’s interest is fully protected.”

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

Sammy Gyamfi explained that the volume would increase gradually under a phased approach, with the long-term goal of refining all gold exports locally.

“We hope to ramp this up and ensure that we are able to achieve total local refining of all the gold we export out of the country,” he stated.

Sammy Gyamfi commended Gold Coast Refinery for remaining committed to its operations in Ghana despite years of operational and regulatory challenges.

The refinery was commissioned in November 2016 but has faced setbacks that limited its full utilisation.

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

A key feature of the new agreement is the involvement of South Africa’s Rand Refinery, the only LBMA-accredited gold refinery on the African continent. Gold Coast Refinery has brought Rand Refinery on board to provide technical and operational support.

Sammy Gyamfi expressed optimism that the partnership would significantly improve refining standards in Ghana.

“Rand Refinery brings expertise and experience that will enhance both the technical and management capacity of Gold Coast Refinery,” he noted.

The initiative aligns with government policy to promote local industrialisation, reduce dependence on raw exports, and increase foreign exchange retention through value-added mineral processing.

Rand Refinery is one of the world’s leading precious metals refining and smelting complexes, located in Germiston, South Africa.

Established in 1920, it is the largest integrated single-site operation of its kind in the world.