Ghana is set to take a major step towards local value addition in its gold industry, following a new agreement between the Ghana Gold Board (Goldbod) and Gold Coast Refinery Limited to refine gold domestically.
Under the deal, Goldbod will from February 1 begin refining up to 1,000 kilogrammes of gold every week within the country. The partnership was formalised through a memorandum of understanding (MoU) signed in Accra on January 20.
Officials say the agreement is part of broader efforts to strengthen Ghana’s control over its gold value chain, reduce reliance on foreign refineries and maximise earnings from the country’s most important mineral export. Ghana is Africa’s leading gold producer, but historically exports a significant portion of its gold in raw or semi-processed form.
Speaking at the signing ceremony, representatives of Goldbod said refining gold locally would improve transparency, enhance traceability and support government initiatives to curb smuggling, particularly in the small-scale mining sector. The move is also expected to create jobs and build technical capacity in downstream mineral processing.
Gold Coast Refinery Limited, which operates one of the largest gold refineries in West Africa, is expected to handle the weekly volumes using its existing infrastructure. The company already refines gold doré from both industrial and artisanal miners and exports refined bullion to international markets.
Industry analysts view the agreement as a strategic shift in Ghana’s minerals policy, aligning with calls for increased beneficiation and industrialisation of natural resources. By refining gold locally at scale, Ghana stands to capture more value from exports while strengthening regulatory oversight of the sector.
The partnership comes amid renewed government focus on reforming gold trading and improving revenue mobilisation from the extractive industry. Authorities believe local refining will also enhance Ghana’s credibility in global bullion markets by ensuring higher purity standards and consistent quality.
Implementation of the agreement is expected to begin immediately, with both parties working to scale operations and integrate supply from licensed miners across the country.
Curbing gold smuggling could save US$2bn annually, says GoldBod
