The refining agreement between GoldBod and Gold Coast Refinery signifies a significant development in Ghana’s economy, particularly in the gold sector.
The agreement, signed between the Ghana Gold Board (GoldBod), Gold Coast Refinery and South Africa’s Rand Refinery, marks a major shift away from decades of exporting raw bullion and positions the country to deepen value addition in Africa’s largest gold-producing economy while strengthening national participation across the gold value chain.
Under the arrangement, GoldBod will supply one metric tonne of gold each week to the Gold Coast Refinery for processing, advancing Ghana’s long-standing ambition to move beyond raw gold exports and maximise returns from its mineral resources.
This partnership is expected to boost local value addition by refining more gold domestically, which helps retain millions of dollars within the local economy instead of losing revenue through exports of unrefined gold.
It is likely to create numerous jobs, supporting Ghana’s initiative towards a 24-Hour Economy by increasing operational activities in the gold refining industry.
Moreover, the agreement enhances the valuation and traceability of Ghanaian gold, making it more attractive to international buyers and investors.
Supporting local jewelers and increasing tax revenues are additional economic benefits, contributing to national development. Strengthening the credibility of Ghana’s gold exports on the global market can lead to increased demand and better terms of trade for Ghana’s mineral resources, ultimately fostering sustainable economic growth in the country.
Speaking at the signing ceremony, the Chief Executive Officer of GoldBod, Mr. Sammy Gyamfi, said the partnership aligns with President John Dramani Mahama’s vision of value addition as a catalyst for economic transformation.
“Before this agreement, we toured the Gold Coast Refinery and observed that it was significantly underutilised. This partnership allows Ghana to leverage existing capacity while ensuring that more value from our gold stays within the economy,” Mr. Gyamfi stated.
As part of the deal, Ghana—through GoldBod—has acquired a 15 per cent equity stake in Gold Coast Refinery, securing a direct ownership interest in the refining process and reinforcing Ghana’s footprint in the downstream segment of the gold industry.
Chief Executive Officer and Chairman of Gold Coast Refinery, Dr. Said Deraz, welcomed the partnership and pledged to work closely with GoldBod to refine Ghana’s gold to world-class standards.
“Our refinery can produce gold with a purity of up to 99.999 per cent, and we are committed to refining gold from ethical and sustainable sources,” Dr. Deraz said, noting that the facility has an annual refining capacity of up to 100 metric tonnes.
The collaboration also brings in Rand Refinery, one of the world’s most established precious metals refiners. Its Chief Executive Officer, Mr. Dean Subramanian, described the partnership as a critical step towards responsible and sustainable gold refining.
“Sustainability is a journey that requires collaboration. We encourage GoldBod to work closely with LBMA and OECD guidelines to ensure Ghana’s gold meets global standards and gains broader international acceptance,” he said.
The ceremony drew high-level participation, including Egypt’s Ambassador to Ghana, H.E. Wael Fathy, who expressed confidence in Ghana’s political stability and investment climate.
“Ghana is a peaceful and sustainable country, and this agreement reinforces my belief in its potential. Beyond Gold Coast Refinery, which is an Egyptian company, I look forward to facilitating more Egyptian investments into Ghana,” the Ambassador remarked.
Also present was the Deputy Minister for Lands and Natural Resources, Hon. Alhaji Yusif Sulemana, who assured stakeholders of the ministry’s support in ensuring a steady supply of sustainably mined gold for local refining.
Chief Executive Officer of the Ghana Chamber of Mines, Dr. Kenneth Ashigbey, said the Chamber would continue to support local refining, particularly for gold produced by large-scale mining companies.
“With GoldBod, Gold Coast Refinery and Rand Refinery working together, we are optimistic that Ghanaian refineries will soon achieve LBMA certification, which is essential for attracting gold from large-scale mining operations,” he said.
Board Chairman of GoldBod, Mr. Kojo Fynn, described the agreement as transformative and urged Gold Coast Refinery to ensure the expansion of its operations delivers direct benefits to Ghanaians.
“As your operations grow, we expect the employment of more Ghanaians and the training of Ghanaian students in mining and refining disciplines so our youth can fully benefit from this initiative,” he noted.
Other dignitaries at the event included the Deputy Majority Leader, Hon. Ricketts Hagan, officials from Rand Refinery and Gold Coast Refinery, members of the GoldBod Board, and senior management of the Ghana Gold Board.
