Ghana Gold Board, Gold Coast Refinery seal historic gold refining deal

The Ghana Gold Board(GoldBod) has signed a Gold Refining Agreement with Gold Coast Refinery Company Limited, marking a major milestone in the country’s efforts to deepen local value addition and strengthen the gold value chain.

The agreement, which is the first-ever local gold refining arrangement between the Government of Ghana and a Ghana-based refinery, is expected to significantly enhance the economic returns from Ghana’s gold resources.

Speaking at the signing ceremony, Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, outlined several key benefits of the partnership, noting that it represents a strategic shift away from the export of unrefined gold.

According to him, the agreement will retain millions of dollars in refining charges within the Ghanaian economy, revenues that would otherwise be paid to foreign refineries. The deal is also expected to create direct and indirect employment opportunities through continuous 24-hour refinery operations.

Gyamfi further stated that the arrangement will increase government tax revenues, reduce losses arising from gold undervaluation and purity discrepancies, and ensure a reliable supply of refined gold and silver for local jewellery manufacturers.

Beyond economic gains, the agreement positions Ghana to pursue London Bullion Market Association (LBMA) certification for local refining, a move that would enhance the credibility and global acceptance of Ghanaian gold exports.

The refining partnership is also expected to strengthen the formalisation of the artisanal and small-scale mining (ASM) sector by promoting full traceability, improving export integrity, and supporting responsible sourcing standards.

The Ghana Gold Board described the agreement as a decisive step toward local industrialisation, job creation and higher national returns from the country’s gold resources, reinforcing government efforts to move Ghana up the global mineral value chain.