Ghana is set to discontinue the export of gold in its raw form as part of a major policy shift to promote value addition and safeguard national revenue, the Ghana Gold Board (GoldBod) has announced.
The Chief Executive Officer of GoldBod, Sammy Gyamfi, made this known on Tuesday, January 20, during the signing of a gold refining agreement involving GoldBod, Gold Coast Refinery Limited, and its South African partner, Rand Refinery, in Accra.
According to Mr. Gyamfi, Ghana has for decades exported nearly all its gold in an unrefined state, forcing the country to depend on foreign refineries to determine the purity and true value of its own mineral resources. This practice, he noted, has often resulted in financial losses through undervaluation and costly offshore refining charges.
He described the newly signed agreement as a turning point.
“Ghana will no longer export gold in raw form. It makes no sense for a country with a functional and strategic refinery to continue exporting gold without adding value,” he stated.
Under the agreement, up to one metric tonne of gold will be refined locally each week at the Gold Coast Refinery, beginning February 1, 2026. The refinery, which was commissioned in 2016, will operate on a 24-hour basis in line with the government’s 24-hour economy agenda.
Mr. Gyamfi explained that refining gold locally will enable Ghana to independently and accurately determine the purity and real market value of its gold using internationally recognised fire assay methods.
“We will no longer rely on refineries outside our borders to tell us the worth of our own gold,” he added.
The agreement also grants Ghana a 15 percent free carried interest in the Gold Coast Refinery and is expected to generate employment, boost tax revenues, reduce foreign exchange losses, and strengthen traceability within the gold value chain.
GoldBod further noted that the initiative will support responsible mining practices and position Ghana as a leading gold refining hub within the sub-region.
