The Ghana GoldBod has taken a significant step toward transforming the country’s gold sector with the signing of a Gold Refining Agreement with Gold Coast Refinery Company Limited. The landmark agreement represents a major milestone in Ghana’s long-standing efforts to deepen local value addition, strengthen the gold value chain, and maximise economic returns from its most valuable mineral resource.
The agreement was officially signed at a ceremony attended by key stakeholders in the mining and financial sectors.
Speaking at the event, the Chief Executive Officer of the Ghana GoldBod, Mr. Sammy Gyamfi, described the deal as historic, noting that it is the first time the Government of Ghana has entered into a formal gold refining arrangement with a Ghana-based refinery.
According to Mr. Sammy Gyamfi, the agreement is expected to deliver substantial economic benefits to the country. Chief among these is the retention of millions of dollars in refining charges that were previously paid to foreign refineries. By refining gold locally, Ghana will keep more value within its economy, boosting domestic income and supporting local industries.
He further explained that the refinery’s planned 24-hour operations will create both direct and indirect employment opportunities, contributing to job creation across the value chain. These include roles in refining, logistics, security, quality assurance, and ancillary services, all of which will have positive spillover effects on the broader economy.
The CEO also highlighted the fiscal benefits of the agreement, pointing out that increased local refining activity will lead to higher tax revenues for the state. In addition, refining gold locally will help reduce losses associated with undervaluation and impurity, ensuring that Ghana receives fair value for its gold exports.
Mr. Gyamfi noted that the agreement will also guarantee a steady supply of refined gold and silver for local jewellers, thereby strengthening Ghana’s jewellery manufacturing industry and supporting small and medium-scale enterprises within the sector.
Beyond immediate economic gains, the agreement positions Ghana strategically for London Bullion Market Association (LBMA) certification, a globally recognised standard that enhances credibility and access to premium international markets. Achieving LBMA-certified refining will further improve the integrity of Ghana’s gold exports and reinforce confidence among international buyers.
The initiative is also expected to play a key role in the formalisation of artisanal and small-scale mining (ASM). By integrating local refining into the gold supply chain, the agreement will promote full traceability, responsible sourcing, and improved compliance with environmental and regulatory standards.
Overall, the Gold Refining Agreement marks a decisive step in Ghana’s pursuit of local value addition, sustainable job creation, and higher returns from its gold resources. It underscores the government’s commitment to moving beyond raw material exports and building a more resilient, transparent, and value-driven gold industry.
Story by: Nana Yaw Frimpong (0247220948) | Follow our other social media handles @uktvghana
