GoldBod and Gold Coast Refinery Sign Historic Deal for 1 Tonne Weekly Gold Refining
January 20, 2026, marks a historic turning point for Ghana’s mining sector and its broader industrialization agenda.
In a landmark ceremony at the Ghana Gold Board (GoldBod) head office in Accra, a strategic partnership was signed between the state and Gold Coast Refinery Limited to begin the full-scale domestic refining of Ghanaian gold starting February 1, 2026.
This move signals a decisive shift from the centuries-old practice of exporting raw gold to a new era of value addition. The Landmark deal is 1 metric tonne of refined gold weekly.
Under the agreement signed by GoldBod CEO Sammy Gyamfi and Gold Coast Refinery CEO Dr. Saed Deraz, the refinery will process up to one metric tonne of gold every week. This initiative is expected to ensure that a significant portion of Ghana’s gold exports leaves the country in a refined form with a minimum purity of 99.9%, the highest global industry standard.
The agreement includes a 15% interest for the Republic of Ghana, making the state a direct stakeholder in the refining process and ensuring that the people of Ghana benefit directly from the dividends of value addition.
The transition to total domestic refining is set to fundamentally reshape the Ghanaian economy. Historically, as Africa’s top gold producer, Ghana has lost millions of dollars annually in refining fees paid to facilities in Dubai, Switzerland, and India. By retaining these fees locally, the country is keeping vital foreign exchange within its own banking sector.
In alignment with the government’s 24-hour economy policy, Gold Coast Refinery has committed to round-the-clock operations. This is expected to create hundreds of direct technical jobs and thousands of indirect opportunities in the logistics, security, and service sectors.
Finance Minister Dr. Cassiel Ato Forson, who attended the signing, highlighted how the move would boost tax revenues and help stabilize the Ghana Cedi. By refining gold locally, the state can accurately determine the true value and purity of its exports using fire assay methods, reducing the historical “export losses” caused by under-declaration in foreign ports.
Empowering Local Jewelers
A stronger domestic gold chain means that local jewelers and artisans will finally have a steady, affordable supply of high-purity refined gold and silver (a byproduct of the refining process). This creates a “downstream” boom, potentially turning Ghana into a hub for finished jewelry in West Africa.
Technical Excellence:
The Rand Refinery Partnership. A major highlight of the deal is the involvement of Rand Refinery of South Africa, the only London Bullion Market Association (LBMA) accredited refinery in Africa. Rand Refinery will provide the technical expertise and management guidance necessary to enhance the capacity of Gold Coast Refinery.
This collaboration is a strategic masterstroke. By leveraging Rand Refinery’s global expertise, Gold Coast Refinery is fast-tracking its path toward its own LBMA certification. Achieving this accreditation will allow Ghana’s refined gold to be traded on any international bullion market, including the major exchanges in London and New York.
Tackling the “Galamsey” Challenge
The agreement also aims to formalize the artisanal and small-scale mining (ASM) sector. By providing a transparent, local destination for small-scale gold, GoldBod can improve traceability which is a key requirement for international markets.
This formalization is expected to assist the government in its ongoing fight against illegal mining (Galamsey) by ensuring that only “responsibly sourced” gold enters the official refining stream.
