The refining agreement between the Ghana Gold Board (GoldBod) and Gold Coast Refinery Company Limited on Tuesday, January 20, 2026 marks a major turning point in Ghana’s efforts to deepen value addition in the gold sector and retain greater economic benefits from its mineral resources.
Under the landmark deal, GoldBod will supply one metric tonne of gold every week to be refined locally, a move that significantly boosts domestic refining capacity and positions Ghana to capture more value across the gold supply chain.
The agreement reflects government’s broader agenda to transition from raw gold exports to in-country processing and beneficiation.
Below are ten key benefits that clearly demonstrate why this agreement is a strategic win for Ghana’s gold industry and the wider economy.
- First ever local gold refinery agreement between the Government of Ghana and a local refinery for value addition to the country’s precious minerals.
- Millions of dollars in refining charges which would have been paid to refineries in Dubai, India, Hong Kong Switzerland and other foreign countries will now be retained in Ghana’s economy.
- Several direct and indirect jobs to be created particularly as the refinery will be operating 24/7 under government’s 24-Hour Economy policy.
- Increased tax revenue for the country as the refinery that has been redundant in the last nine(9) years has finally come alive with up to 1 metric tonne of gold refining every week.
- Reduction and eventually, elimination of historical purity losses occasioned by the export of raw gold. Undervaluation of the country’s gold exports to soon be a thing of the past.
- Accurate determination of silver content of Ghana’s gold exports and possible retention in the country for the local jewelry and fabrication industry.
- Adequate availability of refined gold and silver for local jewelers and fabrication of gold and silver ornaments.
- Potential dividend for Ghana through GoldBod’s free carried interest of 15% held for and on behalf of the Republic of Ghana, in Gold Coast Refinery Limited.
- Enhanced reputation and integrity of Ghana’s gold through the elimination of foreign and deleterious substances usually found in raw gold exports.
- Fast-tracked process to achieving an LBMA certified refinery in Ghana that would generate higher returns for the country’s gold export.
The landmark ceremony which took place at the Ghana Gold Board head office saw in attendance the CEO of Rand Refinery, Mr. Dean Subramanian, which is the only LBMA refinery in Africa as well as a partner to Gold Coast Refinery, the Ambassador of Egypt to Ghana, H.E. Wael Fathy, the Deputy Minister for Lands and Natural Resources, Hon. Alhaji Yusif Sulemana, Deputy Majority Leader, Hon. Ricketts Hagan, CEO of the Chamber of Mines, Dr. Eng. Kenneth Ashigbey, Board Chairman of Goldbod, Mr. Kojo Fynn, as well as other distinguished members of the Board of Goldbod.
Taken together, the refining agreement between GoldBod and Gold Coast Refinery represents a bold, forward-looking intervention aimed at transforming Ghana’s gold sector from extraction-driven to value-driven.
The partnership not only strengthens domestic refining capacity but also lays the foundation for broader industrial growth, fiscal gains, and economic sovereignty.
