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.