Gold Coast Refinery LTD.

Minister of finance and Goldbod visit to GC refinery

admin — Tue, 10 Feb 2026 08:30:44 +0000

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GoldBod and Gold Coast refinery sign landmark deal to refine gold locally

admin — Tue, 20 Jan 2026 22:22:36 +0000

The Ghana Gold Board (GoldBod) has signed a landmark gold refining agreement with Gold Coast Refinery on Tuesday, January 20, 2026, marking a major step towards deepening value addition within Ghana’s gold sector.

The partnership seeks to reduce Ghana’s long-standing reliance on exporting raw gold, a practice that has historically led to significant revenue losses that could otherwise be captured through domestic refining and downstream processing.

Under the agreement, gold sourced from both artisanal and large-scale mining operations will be refined locally for trade and export, bolstering Ghana’s position along the global gold value chain.

Speaking at the signing ceremony in Accra, GoldBod Chief Executive Officer Sammy Gyamfi said the agreement will significantly enhance the implementation of a track-and-trace system across the gold sector.

He explained that Ghana’s daily export of approximately one tonne of gold will now be shipped in refined form, with a minimum purity of 99.9 per cent, the highest standard in the industry.

“This development marks a major milestone in Ghana’s gold trade and will help maximise national benefits from our mineral resources,” Mr Gyamfi said.

He further highlighted the economic benefits, noting, “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.”

On job creation, he added, “What this agreement also means is that we are creating more direct and indirect jobs, particularly because Gold Coast Refinery has committed to operating 24/7 in line with the government’s 24-hour policy.”

GoldBod emphasised that the partnership will help anchor more of the gold value chain within Ghana, ensuring that the country derives maximum value from its position as Africa’s leading gold producer.

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GoldBod, Gold Coast Refinery sign agreement to refine gold locally beginning February 1

admin — Tue, 20 Jan 2026 22:19:16 +0000

Source : modernghana.com

The Ghana Gold Board (GoldBod) has signed an agreement with Gold Coast Refinery Limited and its South African partner Rand Refinery to begin round-the-clock gold refining in Ghana from February 1, 2026.

The deal, signed in Accra on Tuesday, January 20, will see up to one metric tonne of gold refined locally every week at the Gold Coast Refinery, a move the statutory body says will boost value addition, create jobs and keep millions of dollars in refining fees within the Ghanaian economy.

The agreement comes amid long-standing concerns that Ghana exports nearly all its gold in raw form, forcing the country to rely on foreign refineries to determine purity and value, often at a cost to national revenue.

Speaking at the signing ceremony, GoldBod Chief Executive Officer, Sammy Gyamfi, said the initiative marks a major shift in how Ghana manages its gold resources.

“Today is a great day because we are about to execute a landmark agreement that will fundamentally change how we add value to our gold. It never made sense that Ghana, with such a major refinery, still exports almost all its gold in raw form,” he said.

“This agreement will ensure that up to one tonne of gold exported by GoldBod every week is refined here in Ghana, and we intend to scale this up gradually,” the GoldBod CEO said, adding that “Our goal is total local refining of Ghana’s gold.”

Under the deal, the refinery, commissioned in 2016, will operate 24 hours a day in line with government’s 24-hour economy agenda.

GoldBod will also hold a 15 percent free carried interest in the Gold Coast Refinery on behalf of the state.

Sammy Gyamfi said the partnership would also help end losses linked to undervaluation of gold exports, as Ghana will now be able to accurately determine purity and value locally using fire assay methods.

Chief Executive Officer of Gold Coast Refinery, Dr. Said Deraz, described the agreement as a turning point for the facility, which has struggled with underutilisation since its commissioning.

“This partnership immediately changes the narrative. Gold Coast Refinery is modern, fully equipped and meets international standards, and we are ready to play our role in Ghana’s value addition and industrialisation drive,” he said.

Dr. Deraz said the refinery has the capacity to process significant volumes of gold annually and is working closely with Rand Refinery to achieve London Bullion Market Association (LBMA) accreditation.

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Ghana Gold Board signs Gold Refining Agreement with Gold Coast Refinery

admin — Tue, 20 Jan 2026 14:53:15 +0000

The Ghana Gold Board has signed a Gold Refining Agreement with Gold Coast Refinery Company Limited, marking a major milestone in Ghana’s drive to deepen value addition and strengthen its gold value chain.

Speaking at the signing, the Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, outlined key benefits of the agreement, describing it as the first-ever local gold refining arrangement between the Government of Ghana and a Ghana-based refinery.

He noted that the agreement will retain millions of dollars in refining charges within the Ghanaian economy, create direct and indirect jobs through 24-hour operations, increase tax revenues, reduce gold undervaluation and purity losses, and ensure adequate supply of refined gold and silver for local jewellers. The deal also positions Ghana for LBMA-certified refining, enhances the integrity of gold exports, and strengthens ASM formalisation and full traceability.

This agreement marks a decisive step toward local value addition, job creation, and higher returns from Ghana’s gold.

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Goldbod, BoG to partner Gold Coast Refinery to begin local refining of gold – Sammy Gyamfi

admin — Tue, 09 Sep 2025 18:13:00 +0000

The Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi Esq., has revealed that the Board, in partnership with the Bank of Ghana, will collaborate with local refineries such as the Gold Coast Refinery to begin refining gold locally, ending Ghana’s heavy reliance on exporting raw gold.

‎Speaking at the Mining and Mineral Conversion Conference in Accra on Tuesday September 9, 2025, Mr. Gyamfi said it is a “national shame” that Ghana, despite being a continental leader in gold production, still exports doré (raw gold) instead of bullion (refined gold).

He stressed that the Mahama-led administration’s reset agenda seeks to urgently change this narrative by prioritizing value addition.

‎‎He commended the Chamber of Mines for indicating their willingness to work with the Gold Board to ensure local refining of gold produced by large-scale mining companies.

‎Mr. Gyamfi further disclosed that the Gold Board has secured land at the Cargo Village of the Kotoka International Airport to construct an ultra-modern ISO-certified Assay Laboratory. The laboratory, he said, will upgrade Ghana’s assay regime from XRF and water density methods to the international gold standard of fire assay for all gold produced in and exported from Ghana.

On the same parcel of land, he announced plans to establish a wholly state-owned international-standard gold refinery to support the local refining agenda. Additionally, the Board intends to develop a “Gold Village” in Ghana, envisioned as a continental hub for gold jewellery and ornament production.

‎Mr. Gyamfi noted that financial institutions must play a critical role in supporting investments in refining, minting, and fabrication of minerals into jewellery, coins, tablets, and other castings for both domestic use and exports. He urged stakeholders to fund the mining sector differently in order to maximize its benefits.

‎He stressed that the mining sector must move from raw exports to beneficiation, from middlemen to tech-enabled trade, and from youth as laborers to youth as innovators and owners.

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Gold Coast Refinery Ltd is scaling up!

admin — Tue, 12 Aug 2025 18:13:03 +0000

We are adding new advanced equipment and launching the GoldDesk for international trade in 99.99% purity gold, under the guidance of Bank of Ghana & Ghana GoldBod.
Gold Coast Refinery Ltd is supporting the 24-Hour Economy Vision for Delivering Ghana Good Delivery (GGD) to the world

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Gold Board to begin operations next month – Seeks collaboration with Gold Coast Refinery

admin — Thu, 10 Apr 2025 13:23:54 +0000

The Ghana Gold Board will begin full operation next month to actualise the new gold trading regime in the country.

The acting Chief Executive Officer of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, who made the announcement during a visit to the Gold Coast Refinery in Accra yesterday, emphasised that the move was part of significant steps by the government to streamline and regulate the gold trading sector to optimise the benefits derived from the precious metal.

“We are currently making preparations to commence business by the first week of May, where we will commence the purchase and export of gold over there, with the main purpose of raising the much-needed foreign exchange for Ghana to stabilise our currency, and also to support gold reserve accumulation by the Bank of Ghana,” he said.

The visit, he said, was to explore ways of collaboration with Gold Coast Refinery to maximise the country’s earnings from the precious metal.

Mr Gyamfi lamented the fact that despite Gold Coast Refinery being the largest in West Africa, it had yet to operate at full capacity.

He expressed frustration that after being inaugurated in 2016, the refinery had not been utilised to its full potential, saying the redundancy of the facility was a missed opportunity for the country to add value to its gold before export.

To correct the situation, he emphasised the government’s commitment to move away from exporting unrefined gold, saying it had been a longstanding issue for the sector.

He stressed that the new strategy under the Gold Board would ensure that a larger proportion of Ghana’s gold would be refined locally before export, which would ultimately create jobs and strengthen the country’s economy.

One of the key goals of the Ghana Gold Board, Mr Gyamfi said, was to raise foreign exchange for the country.

By refining and exporting gold, he said, his outfit would aim to generate the much-needed foreign currency to stabilise Ghana’s economy and support Bank of Ghana’s gold reserves.

Mr Gyamfi revealed that the Ghana Gold Board was in discussions with Gold Coast Refinery to refine gold locally before export.

He praised the refinery’s infrastructure and stated that it was critical to the success of the country’s new gold regime.

He further mentioned that the refinery’s potential to meet international standards, such as obtaining the London Bullion Market Association (LBMA) accreditation, was a vital step in ensuring that Ghana’s gold exports held greater value in the global market.

The Chairman of Gold Coast Refinery, Dr Said Deraz, echoed Mr Gyamfi’s sentiments, and expressed strong support for the vision of President John Dramani Mahama in restructuring the gold sector.

Dr Deraz lamented the lack of coordination within the sector, and emphasised the importance of a unified approach to gold trading.

He insisted that by working together, the Gold Board and the refinery could help to transform the sector and ensure that the benefits of gold trading reached more Ghanaians.

In a show of goodwill, Dr Deraz announced that Gold Coast Refinery would offer a 15 per cent carried interest to the Ghana Gold Board.

This gesture, he said, was a significant step towards fostering a fruitful partnership between the two entities.

Dr Deraz also acknowledged the support the refinery received from government, particularly from President Mahama’s previous term, for playing a pivotal role in its establishment.

Gold Coast Refinery is the second largest gold refinery in Africa with an installed capacity of 180 metric tonnes per annum of chemical refining and 144 metric tonnes per annum of electrolytic refining.

It is certified by the Responsible Jewelry Council (RJC).

The refinery has the capacity to refine gold up to 99.99 per cent quality, and equipped with two secured vaults of 90 metric tonnes each and two armour plated bullion vans with eight metric tonnes carriage capacity each.

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Goldbod CEO , Sammy Gyamfi ESQ. tours Gold Coast Refinery.

admin — Thu, 10 Apr 2025 10:02:01 +0000

Goldbod CEO , Sammy Gyamfi ESQ. tours Gold Coast Refinery. The two CEOs agreed on the need for value addition while highlighting on how Goldbod is positioned to foster sustainable growth and economic transformation for the country.

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Commissioned by H.E. John Dramani Mahama on 11th November, 2016

admin — Thu, 10 Apr 2025 09:59:27 +0000

We at GoldBod, as part of our value addition strategy, are determined to get this refinery working, with a clear pathway to LBMA accreditation, to generate the needed benefits for the nation.

Thus, in the short term, we shall move Ghana from the export of unrefined gold (dore’ bars) to refined gold (bullion) in partnership with Gold Coast refinery and other local refineries to optimize national benefits.

The exciting news is that, Ghana through the GoldBod, now maintains a free carried interest of 15% in this beautiful refinery, thanks to the leadership of H.E. John Dramani Mahama- the visionary.

https://goldcoastrefinery.com/wp-content/uploads/2025/04/AQMNTa3NmMPWJ-FMCUJxBDrqOPW-Yqk_vz6WtlRXkhKDnq5afD-p0is6_ACBajEa5aGR8RT1ruPHQxiXDqHQqxqu.mp4

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Goldbod is positioned to foster sustainable growth and economic transformation for the country

admin — Mon, 10 Feb 2025 09:54:01 +0000

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