Ghana Gold Board Signs Historic Gold Refining Agreement with Local Refinery
“Pioneering Local Refining to Boost Jobs, Revenue, and Gold Value Retention in Ghana”
- First-ever gold refining agreement between Ghana’s government and a local refinery.
- Partnership aims to keep millions in refining charges within Ghana and create jobs.
- Supports LBMA certification, traceability of gold, and growth of downstream industries.
The Ghana Gold Board has entered into a landmark Gold Refining Agreement with Gold Coast Refinery Company Limited, marking a pivotal step in Ghana’s drive to enhance value addition and strengthen its gold value chain.
This agreement represents the first-ever collaboration of its kind between the Government of Ghana and a locally-based refinery, signaling a strategic move to retain more value from the nation’s gold resources.
Speaking at the signing ceremony, Ghana Gold Board Chief Executive Officer Sammy Gyamfi highlighted the wide-ranging benefits of the partnership.
He explained that the arrangement will keep millions of dollars in refining charges within the Ghanaian economy—funds that had previously been lost to overseas refineries.
“The agreement will also create both direct and indirect employment opportunities through continuous refinery operations, increase government tax revenues, and mitigate losses related to gold undervaluation and purity discrepancies,” Mr. Gyamfi said.
The deal is also expected to provide a reliable supply of refined gold and silver to local jewellers, supporting the growth of downstream industries.
Moreover, the partnership positions Ghana to achieve London Bullion Market Association (LBMA)-certified refining, enhancing the credibility of gold exports while ensuring the full traceability and formalisation of gold sourced from the artisanal and small-scale mining (ASM) sector.
Mr. Gyamfi described the agreement as a decisive step toward local value addition, job creation, and maximising returns from Ghana’s gold resources, aligning with the government’s broader agenda for industrialisation and economic transformation.
