Ghana has taken a decisive step toward retaining more value from its most important mineral export, as the Ghana Gold Board (GoldBod) signs an agreement to refine up to one metric tonne of gold locally every week, beginning February 1, 2026.
The partnership, signed with Gold Coast Refinery, is designed to strengthen Ghana’s gold value chain by shifting the country away from its long-standing dependence on exporting unrefined bullion for processing abroad. Officials say the move will improve pricing accuracy, enhance transparency, and ensure that more economic value remains within Ghana.
Speaking at the signing ceremony sighted by Accra Street Journal, GoldBod Chief Executive Officer Sammy Gyamfi said the agreement aligns directly with President John Dramani Mahama’s policy direction to move Ghana “from extraction to full value optimisation.”
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“It did not make sense that we would have such a critical asset in our country, yet 99.9 per cent of all the gold we export leaves Ghana in its raw form,” Gyamfi stated.
The agreement follows an April 2025 assessment visit by GoldBod officials to the Gold Coast Refinery, which revealed that the facility—described as the largest gold refinery in the sub-region—was operating far below its installed capacity. The findings prompted technical audits, consultations, and operational recommendations aimed at restoring the refinery to optimal performance, measures GoldBod says are currently being implemented.
A key pillar of the agreement is the involvement of South Africa’s RAND Refinery, the only LBMA-accredited gold refinery in Africa. The collaboration is expected to strengthen technical capacity, management systems, and governance at Gold Coast Refinery, while advancing Ghana’s long-term ambition of securing LBMA accreditation for a local refinery.
Government officials say the deal will also ensure compliance with OECD and LBMA standards on responsible sourcing, sustainability, and traceability. This will be reinforced by GoldBod’s upcoming track-and-trace system, designed to improve oversight across the gold supply chain.
One of the most significant outcomes of the agreement is its potential to address long-standing concerns about the undervaluation of Ghana’s gold exports. Currently, Ghana relies heavily on X-ray fluorescence (XRF) assays, which do not accurately measure gold purity. Final valuation is often determined by foreign refineries after export.
Under the new framework, fire assay testing, the global gold standard, will be conducted locally. This will allow Ghana to independently verify gold purity, determine silver content, and establish accurate pricing before export.
“This agreement will put an end to the situation where we export gold and wait for refineries outside Ghana to tell us what our gold is worth,” Gyamfi emphasized.
Beyond valuation accuracy, local refining is expected to retain millions of dollars in refining charges that are currently paid to refineries in Dubai, Switzerland, India, and Hong Kong. Gold Coast Refinery has committed to 24-hour operations, in line with the government’s broader 24-hour economy agenda, creating opportunities for new jobs, increased tax revenue, and downstream industrial activity.
All refined gold bars will carry hallmarks from Gold Coast Refinery, GoldBod, the Ghana Standards Authority, and the Bank of Ghana, further strengthening credibility and traceability.
In a notable public-interest provision, Gold Coast Refinery has granted the Republic of Ghana a 15 per cent free carried interest, held by GoldBod on behalf of the state. This positions the government to benefit not only from taxes but also from future dividends.
Initially, the weekly refining volumes will be sourced from gold purchased and controlled by GoldBod, primarily from the artisanal and small-scale mining sector. However, the government plans to expand participation to large-scale mining companies, with engagements already underway with the Chamber of Mines.
“We must stop refining our gold in Europe while refineries in Ghana struggle. We have to start from somewhere,” Gyamfi said.
Officials describe the agreement as a turning point in Ghana’s resource governance, combining industrial policy, transparency, sustainability, and domestic value retention. GoldBod says it intends to scale up refining volumes beyond the initial one-tonne-per-week target as capacity improves.
“Effective February 1, 2026, you will be getting a minimum of one tonne of gold every week, and subject to capacity, we intend to increase that,” Gyamfi added.
Source: Accra Street Journal
Last Updated on January 20, 2026 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
