The Ghana Gold Board (GoldBod) has entered into a Gold Refining Agreement with Gold Coast Refinery Company Limited, marking a significant milestone in Ghana’s drive to deepen local value addition and strengthen the country’s gold value chain.

The agreement, the first of its kind between the Government of Ghana and a locally owned refinery, is expected to substantially boost the economic benefits Ghana derives from its gold resources by reducing reliance on foreign refining services.

Speaking at the signing ceremony, the Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, described the partnership as a strategic shift from the export of raw gold to local refining.

He noted that the arrangement would retain millions of dollars in refining charges within the Ghanaian economy—funds that would otherwise be paid to overseas refineries.

Mr Gyamfi said the deal is also expected to generate direct and indirect employment through round-the-clock refinery operations, while increasing government tax revenues and minimising losses associated with gold undervaluation and purity discrepancies.

In addition, the agreement will ensure a steady supply of refined gold and silver for local jewellery manufacturers, supporting growth in downstream industries.

Beyond the immediate economic gains, the partnership positions Ghana to pursue London Bullion Market Association (LBMA) certification for local refining.

Such certification, he noted, would enhance the credibility, traceability and global acceptance of Ghanaian gold exports.

The agreement is also expected to contribute to the formalisation of the artisanal and small-scale mining (ASM) sector by improving traceability, strengthening export integrity and promoting responsible sourcing standards.

The Ghana Gold Board described the agreement as a decisive step towards local industrialisation, job creation and maximising national returns from Ghana’s gold resources, in line with government efforts to move the country up the global mineral value chain.