GoldBod Signs Gold Refinery Deal with Royal Ghana Gold Limited
New agreement to process up to one tonne of gold weekly marks push toward local value addition and ending raw mineral exports.
- GoldBod Signs Gold Refinery Deal with Royal Ghana Gold Limited
- Up to one tonne of gold will be refined weekly.
- Ghana targets full local mineral refining by 2030.
Under the agreement, GoldBod will supply up to one metric tonne of gold weekly to Royal Ghana Gold Limited for local refining. The deal is part of government’s broader mineral value addition strategy and is the second major refinery partnership signed by GoldBod, following an earlier agreement with Gold Coast Refinery.
Speaking at the signing ceremony in Accra on May 25, 2026, GoldBod Chief Executive Officer Sammy Gyamfi said the long-term goal is to ensure that by 2030, all minerals mined in Ghana will be refined locally before export.
He said the current administration has instructed GoldBod to lead efforts to end the export of raw minerals and retain more value within the country.
According to him, Ghana previously lacked adequate refining capacity, resulting in all gold from both large-scale and small-scale mining being exported in raw form.
Mr Gyamfi described this as unacceptable for a country globally known for its gold resources, adding that local refining is essential for economic transformation and value retention.
Governor of the Bank of Ghana, Johnson Asiama, said value addition to natural resources such as gold, oil and cocoa would significantly improve Ghana’s balance of payments.
He noted that processing raw materials locally would also create jobs, increase revenue and strengthen the country’s economic stability. He added that the central bank supports the initiative, with the Bank of Ghana holding a minority stake in Royal Ghana Gold Limited to enhance oversight and strengthen the sector.
He described the partnership as a strategic move to maximise returns from Ghana’s gold resources while improving reserve accumulation.
Chief Executive Officer of Royal Ghana Gold Limited, Eric Frimpong, said the refinery is designed to operate continuously under Ghana’s 24-hour economy programme and create more jobs.
He expressed confidence in the company’s technical capacity and plans to achieve London Bullion Market Association (LBMA) accreditation, which would position Ghana competitively in the global gold refining market.
The agreement is expected to strengthen Ghana’s push toward industrial transformation and reduce dependence on raw mineral exports.
