Accra: The partnership between the Ghana Gold Board (GoldBod) and Gold Coast Refinery marks a pivotal moment for Ghana's gold sector, representing a significant move towards enhancing the country's economic sovereignty in the gold industry.
According to Ghana Web, Gold Coast Refinery, the first state-of-the-art gold refinery in West Africa, is capable of refining up to 500 kilograms of gold per day. This collaboration allows gold supplied by GoldBod to be refined locally, thus creating jobs, boosting export earnings, and advancing the country's industrialization agenda.
Established by the Euroget Group of Egypt and local shareholders, the over US$150 million refinery was commissioned in 2016 by President John Dramani Mahama. However, after the NDC lost power, the refinery's potential remained untapped under the NPP government. Instead, a new refinery, Royal Ghana Gold Refinery, was inaugurated in 2024, with questions raised regarding its credibility and sustainability.
The return of the NDC to power in 2024 led to swift actions to revive the original vision for the refinery. The Ghana Gold Board Act, 2025, established GoldBod to regulate, buy, and export gold, particularly from small-scale miners. Under the leadership of Sammy Gyamfi, GoldBod's decision to partner with Gold Coast Refinery is seen as a masterstroke, ensuring Ghana will export gold refined to 999.99% purity.
The partnership is expected to save millions of dollars paid to foreign refineries, increase tax revenues, create jobs, and enhance local value addition, placing Ghana firmly on the global map for gold standardization and responsible mineral processing. Sammy Gyamfi highlighted the initiative's potential to boost export earnings, create jobs, and support Ghana's industrialization agenda.