The Ghana Gold Board on Tuesday signed an agreement with Gold Coast Refinery Limited to locally refine gold as part of efforts to add value before export.
The agreement, part of the government’s drive to add value to gold and maximise earnings, will enable Ghana to refine about one metric tonne, or 52,000 kilogrammes, annually.
Mr Sammy Adu Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), signed on behalf of Ghana, while Dr Said Deraz, Chief Executive Officer of Gold Coast Refinery Limited, signed for the company under an arrangement to refine gold from artisanal and small-scale mining operations.
The partnership will also involve Rand Refinery, Africa’s only London Bullion Market Association (LBMA)-accredited refinery, providing technical and commercial support as Ghana seeks LBMA accreditation to refine gold from large‑scale mining firms.
Under the agreement, all refined gold bars would bear the emblems of the GoldBod, the Ghana Standards Authority, the Bank of Ghana and Gold Coast Refinery, and would conform to international standards.
Mr Gyamfi said that although Ghana had the largest refinery in the sub-region, it had operated below capacity, with 99.9 per cent of gold exported in raw form, a situation he said would change under the agreement.
He said gold refining would commence on February 1, 2025, with Ghana receiving a 15 per cent free share of profits from investments in Gold Coast Refinery.
Mr Gyamfi said the initiative would help Ghana maximise national benefits from its mineral resources through increased tax revenue and dividends, improved foreign exchange inflows, enhanced traceability of gold and the creation of direct and indirect jobs through 24-hour operations.
“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,” he said.
Mr Gyamfi reaffirmed the Government’s commitment to the effective implementation of the agreement and collaboration with stakeholders, including the Ghana Chamber of Mines, to bring large-scale mining companies on board.
Dr Deraz said the agreement would help change Ghana’s long-standing narrative of exporting raw gold, while accelerating efforts to establish an LBMA-accredited refinery in the country.
He said challenges that affected the company’s operations after its commissioning in November 2016 had been resolved, adding that the refinery now had the capacity to process up to 180 metric tonnes of gold annually.
“With this refining agreement, Gold Coast Refinery will receive gold dore (raw gold) from the 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,” he said.
Dr Deraz pledged the commitment of Gold Coast Refinery and its partner, Rand Refinery, to the implementation of the agreement and close collaboration with the GoldBod.
Alhaji Yusif Sulemana, Deputy Minister for Lands and Natural Resources, expressed the Government’s appreciation to the companies for the investment and confidence in the economy, and assured them of a favourable operating environment.
