By Magdalene Andoh
Ghana Gold Board’s (GoldBod) decision to partner with Gold Coast Refinery has been hailed as a major strategic breakthrough for Ghana’s gold sector, marking a decisive shift toward local value addition, export efficiency, and economic sovereignty.
Gold Coast Refinery, the first state-of-the-art gold refinery in West Africa and the second largest on the continent, has the capacity to refine up to 500 kilograms of gold per day, equivalent to 180 metric tonnes annually under a single-shift operation.
In 2022, the refinery made history by becoming the first in Ghana and West Africa to receive certification under the Responsible Jewellery Council (RJC) Code of Practices, an affiliate of the London Bullion Market Association (LBMA).
Through a technical and commercial partnership with South Africa’s Rand Refinery—the only LBMA-accredited gold refinery in Africa—Gold Coast Refinery is able to refine gold doré to 999.99 purity. This capability now allows gold purchased by GoldBod to be refined locally before export, significantly reducing Ghana’s dependence on foreign refineries.
The refinery, which represents an investment of over US$150 million by Euroget Group of Egypt in partnership with Ghanaian shareholders, was commissioned on 12 November 2016 by then-President John Dramani Mahama. At the time, President Mahama described the project as central to Ghana’s industrialisation and export diversification agenda, with plans to spur downstream activities such as jewellery manufacturing, including the proposed jewellery village in Tepa in the Ashanti Region.
Despite its commissioning, the refinery remained largely underutilised following the change of government in 2017. Over the next eight years, no gold was refined locally at the facility, even as Ghana exported approximately 325.2 metric tonnes of raw gold—resulting in significant lost value and foregone foreign exchange earnings.
In August 2024, the previous administration inaugurated the Royal Ghana Gold Refinery, citing its potential to curb gold smuggling and increase national revenue. However, concerns were later raised by policy think tank IMANI Ghana regarding the refinery’s ownership structure, operational credibility, and lack of an established technical partner.
Following the return of the National Democratic Congress (NDC) to power after the 2024 general elections, government moved to re-establish its original gold value-addition agenda. Parliament subsequently passed the Ghana Gold Board Act, 2025 (Act 1140), which was assented to on 2 April 2025, formally establishing GoldBod as the regulator and principal buyer and exporter of gold, particularly from the small-scale mining sector.
On 9 April 2025, GoldBod’s Chief Executive Officer, Sammy Gyamfi, visited Gold Coast Refinery to assess its operational readiness. He noted that the facility had been operating far below capacity due to Ghana’s reliance on foreign refining services, describing the situation as unsustainable.
The newly signed partnership agreement is expected to change that trajectory. Under the arrangement, Ghana will, for the first time since independence, export gold refined to 999.99 purity. The agreement also secures a 15 per cent free carried interest for the state in Gold Coast Refinery, to be held in trust by GoldBod.
According to GoldBod, the partnership will lead to substantial savings on foreign refining costs, increased export earnings, higher tax revenues, job creation, and strengthened local value addition across the gold supply chain.
“This initiative is expected to boost export earnings, create jobs, and support Ghana’s industrialisation agenda through increased local value addition,” Mr Gyamfi said after signing the agreement.
Industry observers say the partnership firmly positions Ghana as a serious player in responsible gold processing and standardisation on the global market, while restoring a national vision that had remained dormant for nearly a decade.
