Accra: Chairman of the Ghana Extractives Transparency Initiative (GHEITI), Dr. Steve Manteaw, has criticized mining consultant Wisdom Gomashie for politicizing the Ghana Gold Board's (GoldBod) gold refinery agreement with Gold Coast Refinery and Rand Refinery. Gomashie recently questioned GoldBod's decision to partner with Gold Coast Refinery, where GoldBod holds a 15 percent stake, instead of Royal Ghana Refinery, which he claims has a 20 percent stake held by the Bank of Ghana.
According to Ghana Web, Gomashie's comments on Facebook implied that political motives and personal interests might have influenced the decision. He pointed out that Royal Ghana Refinery can process 400kg of gold daily, contributing significantly to value addition, whereas Gold Coast Refinery processes just one tonne per week. In response, Dr. Manteaw dismissed the notion that a 20 percent stake by the Bank of Ghana in Royal Ghana Refinery equates to government control, describing the claim as baseless.
Dr. Manteaw emphasized that the government is not obligated to use a specific entity to achieve its policy goals and accused Gomashie of pushing political interests disguised as national interest. He urged for a more informed and less speculative discourse on the matter, suggesting that political and personal interests from a previous government could have influenced decisions around Royal Ghana Refinery.
Meanwhile, Dr. Ken Ashigbey, President of the Ghana Chamber of Mines, described the GoldBod-Gold Coast Refinery agreement as pivotal for Ghana's aspirations for London Bullion Market Association accreditation and enhancing local value addition in gold. At the signing ceremony, he commended the roles of various stakeholders, including the Ghana Gold Board and the Bank of Ghana, in realizing the agreement, noting that it signifies the start of a broader strategy to solidify gold refining in Ghana.
The Ghana Gold Board signed the agreement on January 20, 2026, aiming to decrease Ghana's dependence on exporting raw gold. By refining gold locally, sourced from both artisanal and large-scale operations, the partnership seeks to capture more revenue domestically and strengthen Ghana's global position in the gold value chain.