Accra: The Ghana Gold Board (GoldBod) has inked a significant agreement with Gold Coast Refinery Limited, marking a pivotal step for Ghana, Africa's leading gold producer, to locally refine one metric tonne or 52,000 kilogrammes of gold annually. This deal, signed on January 20, 2026, represents a strategic move by the government to transition from exporting raw gold to adding value before export, thereby enhancing revenue from the precious metal.
According to Ghana Web, the gold refining operations are set to commence on February 1, 2026, with Ghana receiving a 15 percent free share of profits from investments in Gold Coast Refinery. The agreement was signed by Sammy Adu Gyamfi, CEO of GoldBod, for Ghana, and Dr. Said Deraz, CEO of Gold Coast Refinery Ltd, for the Egyptian company. The partnership aims to refine gold sourced from artisanal small-scale mining operations.
The collaboration will also involve Rand Refinery, Africa's sole accredited London Bullion Market Association (LBMA) company, providing technical and commercial support to assist Ghana in achieving LBMA accreditation for refining gold from large-scale mining enterprises. Each refined gold bar will bear the emblems of GoldBod, Ghana Standards Authority (GSA), the Bank of Ghana, and Gold Coast Refinery, ensuring adherence to global standards.
Gyamfi highlighted at the signing ceremony that despite having the largest refinery in the sub-region, Ghana had been exporting 99.9 percent of its gold in raw form. This scenario is anticipated to change with the new agreement, maximizing national benefits such as increased tax revenue, enhanced foreign exchange, improved gold traceability, and job creation through a 24-hour operational shift.
"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," Gyamfi stated, emphasizing the economic impact of the agreement.
Dr. Deraz of Gold Coast Refinery noted that the deal would shift Ghana's longstanding narrative of merely producing raw gold to one of value addition, accelerating the establishment of an LBMA-accredited refinery in the country. He acknowledged past challenges since the company's commissioning in November 2016, which have been addressed, enabling a refining capacity of up to 180 metric tonnes of gold annually.
"With this refining agreement, Gold Coast Refinery will receive gold dore (raw gold) from GoldBod and refine it to pure (bullion) before export. This value addition will not only increase export earnings and values but create employment and advance the industrialisation agenda in line with the President's vision for growth and development," Dr. Deraz added.
He pledged the commitment of both Gold Coast Refinery and its partner, Rand Refinery, to the agreement's implementation, working closely with GoldBod to deliver strong and measurable results. Alhaji Yusif Sulemana, Deputy Minister of Lands and Natural Resources, expressed the government's gratitude to the companies for their investment and confidence in the economy.