Ghana Begins Refining Gold Locally at Gold Coast Refinery

Officials from Ghana Gold Board (GoldBod) and Gold Coast Refinery signing the landmark local refining agreement in Accra, January 2026

Ghana has taken a historic step to add value to its gold resources by deciding to refine a substantial portion of its gold domestically. After decades of exporting almost all its gold in raw form, the government is shifting course with a new agreement that enables local refining at the Gold Coast Refinery. This move marks a decisive break from the past and is expected to boost Ghana’s economy through value addition, job creation, and greater revenues.

A Landmark Decision to Refine Gold at Home

In late 2025, Ghanaian authorities announced an end to the era of shipping out unrefined gold. Sammy Gyamfi, CEO of the Ghana Gold Board, declared that starting October 2025 the country would begin refining its gold locally, as part of efforts to stop the decades-long practice of exporting raw gold. This agenda, driven by President John Mahama’s administration, set the stage for a major policy shift to maximize national benefit from mineral wealth. Plans were laid to partner with the Bank of Ghana and utilize local refineries to kickstart domestic processing of gold.

This vision culminated in a landmark agreement signed on January 20, 2026 between the Ghana Gold Board (known as GoldBod) and Gold Coast Refinery Limited, with technical support from South Africa’s Rand Refinery. Under this deal, Ghana officially began refining one metric tonne of gold each week locally from February 1, 2026, rather than sending that gold abroad in raw form. The weekly target of 1,000 kg (1 metric ton) of gold for local refining is a starting point, with plans to gradually scale up until virtually all of Ghana’s gold exports are processed into bullion domestically. This is a dramatic change for a country that was Africa’s largest gold producer in recent years yet had almost no domestic refining of its output.

Crucially, the agreement also gives Ghana a direct stake in the refining operation. The government secured a 15% free carried equity interest in Gold Coast Refinery as part of the partnership, making the state a part-owner of the facility. This means Ghana will not only pay Gold Coast Refinery for refining services but will also share in the refinery’s future profits and decision-making. “We are not some strangers who are going to be refining our gold at Gold Coast Refinery… that refinery is also ours,” Sammy Gyamfi noted, underscoring the significance of the government’s ownership stake.

Ending the Era of Raw Gold Exports

For decades, Ghana exported the vast majority of its gold as raw doré bars (semi-pure gold) without further refinement at home. In fact, officials revealed that an astonishing 99.9% of all gold exported from Ghana was leaving in raw form, despite the existence of local refining capacity. The Gold Coast Refinery, the largest gold refinery in the country, had been operating far below its capacity while Ghanaian gold was being shipped overseas for finishing. This was seen as a major missed opportunity.

Government leaders and industry experts came to view this situation as untenable. “It is deeply worrying that about 99.9% of the gold we export leaves this country in its raw form, even when we have the capacity to refine locally,” Gyamfi lamented. He even described it as a “national shame” that Ghana, after decades as a top gold producer, continued to export raw doré instead of refined bullion. This blunt assessment underscored the urgency of changing course. By refining gold at home, Ghana aims to move from being merely an extractor of resources to a country that captures full value through processing, as President Mahama directed. The new refining initiative is thus a strategic effort to rewrite the narrative of Ghana’s gold sector and ensure the country benefits more substantially from its own mineral wealth.

Economic Gains from Domestic Gold Refining

Refining gold domestically is expected to deliver significant economic benefits. First and foremost, more of the value of Ghana’s gold will be retained in the local economy instead of accruing to foreign refineries. Previously, mining companies or the government had to pay overseas refineries (in Dubai, Switzerland, India, etc.) to refine Ghana’s gold, incurring high fees abroad. Under the new arrangement, those millions of dollars in refining charges will now stay within Ghana’s economy. This directly boosts Ghana’s export earnings – the gold will be sold as value-added bullion, not discounted raw ore, potentially commanding better prices or at least saving on refining costs.

Additionally, the government’s stake in the refinery opens up a new revenue stream. Ghana’s 15% ownership (a free carried interest) means the state can eventually earn dividends from the refinery’s profits. The deal effectively embeds public interest in the gold value chain, aligning the refinery’s success with the nation’s fiscal gains. Officials project that beyond the immediate increase in export value, the partnership will generate extra tax revenue (as the once-underutilized refinery ramps up to full production and profitability) and even direct profit share for the state.

There are also macroeconomic advantages. By doing more value addition at home, Ghana can improve its foreign exchange balance. Instead of paying foreigners for refining and importing some of the refined gold back, the country earns or saves foreign currency. According to Gyamfi, processing gold domestically will help strengthen Ghana’s foreign exchange reserves, improve the balance of payments, and even reinforce the stability of the cedi (Ghana’s currency). In short, keeping the gold value chain within national borders multiplies the economic impact of Ghana’s gold production.

Job Creation and Industrial Development

Another compelling benefit of local gold refining is the boost to employment and skills development for Ghanaians. Operating the refinery at a capacity of 1 tonne per week – and potentially increasing in the future – requires skilled workers, technicians, assayers, engineers, security personnel, and support staff. Government officials indicate that the new agreement will support round-the-clock refinery operations (24/7), which in turn means several direct shifts of workers and numerous indirect jobs in supporting industries. The Ghana Gold Board highlighted that running the refinery 24/7, in line with a national “24-Hour Economy” policy, will create many new jobs for Ghanaians. These jobs range from metallurgy and laboratory analysis to logistics and supply chain roles linked to the refinery’s output.

Local refining is also expected to spur downstream industrial development. With more gold being refined to high purity (up to 99.99% possible at Gold Coast Refinery), Ghana will have greater availability of refined gold and even by-products like silver for domestic uses such as jewelry manufacturing and other fabrication. Currently, Ghana has a nascent jewelry industry that often lacks easy access to locally refined precious metals. The Gold Board noted that accurate determination of gold purity and silver content through local refining means some silver could be retained for local artisans, and jewelers can source gold directly within Ghana. This could lay the foundation for a thriving local “gold village” of jewelers and goldsmiths, a concept officials have floated to create a hub for jewelry production and trading in Accra. The refining initiative thus not only creates refinery jobs, but also has a multiplier effect on related sectors, from mining services to craft industries.

Strategic Goals and Policy Shifts Behind the Move

Ghana’s push to refine gold locally aligns with a broader policy shift toward value addition and economic self-reliance. President John Dramani Mahama’s government, which took office in early 2025, has emphasized a “reset” agenda for the resource sector – essentially, moving Ghana up the value chain instead of exporting raw commodities. The establishment of the Ghana Gold Board itself in 2025 (under Act 1140) was a key reform to regulate the small-scale mining sector and channel gold through official hands. GoldBod serves as the sole buyer and exporter of artisanal and small-scale mined gold, giving the state more control over gold flows. With this centralized role, GoldBod was well-positioned to forge the refinery deal and ensure artisanal gold gets refined in-country rather than being smuggled or exported raw.

A strategic objective behind refining at Gold Coast Refinery is to eventually attain London Bullion Market Association (LBMA) certification for Ghana’s gold. As part of the partnership, South Africa’s Rand Refinery (the only LBMA-certified refinery in Africa) is collaborating to help Gold Coast Refinery meet the strict international standards. LBMA accreditation would be a game-changer – it would certify Ghana’s refinery to sell gold directly on the global market at London standards, attracting business from large-scale mines and international traders. Officials are treating the current 1-tonne-per-week program as a test case to prove Ghana’s capability and responsibility in gold refining, paving the way for certification and higher export revenues down the line. Gaining this status would enhance the reputation of “Made-in-Ghana” gold and ensure it commands full value on world markets.

The local refining initiative also ties into Ghana’s efforts to combat illicit financial flows and undervaluation in the gold trade. By refining and assaying gold domestically, the country can eliminate the “purity losses” and under-invoicing that sometimes occurred with raw gold exports. Every ounce of gold and its ancillary metals (like silver) are accounted for on Ghanaian soil, increasing transparency and trust in Ghana’s exports. This complements other government measures to formalize the mining sector and capture the true volume of gold production (for instance, Ghana reported a record 66.7 tonnes of ASM gold exports in the first eight months of 2025, showcasing why harnessing this output locally is so vital).

Finally, Ghana’s move is part of a wider trend in resource-rich African nations aiming to add value at home. Countries like Mali have also pursued plans to refine more gold domestically to strengthen their positions in the gold value chain. For Ghana, which has long been a leading gold producer, the strategic goal is clear: transform the country from an exporter of raw materials to a producer of finished goods, thereby capturing more wealth domestically. The gold refining deal is an embodiment of this vision in the mining sector. As one mining official described it, “the refining agreement…represents a bold, forward-looking intervention aimed at transforming Ghana’s gold sector from extraction-driven to value-driven”.

Conclusion

Ghana’s decision to refine gold locally at the Gold Coast Refinery is a transformative step with far-reaching implications. The initiative, starting with one metric ton of gold per week from February 2026, confirms the country’s commitment to end the old model of raw gold exports. With a 15% government stake and partnerships to ensure world-class standards, Ghana is positioning itself to reap greater rewards from its mineral wealth. The domestic refining of gold is set to retain financial value in the country, create jobs and new expertise for Ghanaians, and boost government revenues through taxes and dividends. Equally important, it aligns with a strategic vision of economic empowerment – strengthening the currency and building downstream industries like jewelry making. While challenges like attaining international certification remain on the horizon, the benefits already appear substantial. By adding value to each bar of gold on home soil, Ghana is not only increasing export earnings but also asserting greater control over its economic destiny. This bold shift to local gold refining is poised to glitter brightly in Ghana’s journey toward industrialization and prosperity, turning the nation’s famed gold resources into a catalyst for broader economic growth.

Sources:

• Ghana Gold Board News – “Ghana to Refine 1 Metric Tonne of Gold Weekly Under Landmark GoldBod–Gold Coast Deal”, Jan. 20, 2026.

• Ecofin Agency – “Ghana Turns to Local Gold Refining to Lift Export Revenues”, Jan. 22, 2026.

• Citi Newsroom – “Ghana to refine one tonne of gold weekly from February 2026”, Jan. 20, 2026.

• MyJoyOnline – “Ghana to begin weekly local gold refining under new landmark agreement”, Jan. 20, 2026.

• Modern Ghana – “Era of raw gold export to end as refinery begins in October 2025 — Sammy Gyamfi”, Sep. 9, 2025.

• The High Street Journal – “Ghana to Begin Local Gold Refining in October 2025 – Sammy Gyamfi”, Sep. 10, 2025.