The Ghana Gold Board has signed its second major gold refining agreement with Royal Ghana Gold Refinery Limited in a significant move aimed at accelerating Ghana’s value addition agenda and strengthening the country’s position within the global gold value chain.

Under the agreement, the GoldBod will supply up to one metric tonne of gold every week to the refinery for processing, marking another major step in the government’s broader strategy to ensure that Ghana derives greater economic value from its mineral resources before export.

The agreement was signed on Monday, May 25, 2026, at the GoldBod headquarters in Accra, in the presence of officials from the Bank of Ghana, directors of the GoldBod and executives of Royal Ghana Gold Refinery Limited.

Addressing the ceremony, the Chief Executive Officer of the GoldBod, Sammy Gyamfi, Esq. described the agreement as a landmark moment in Ghana’s mineral sector reforms and a direct reflection of the vision of President John Dramani Mahama to reposition the country through value addition and industrialisation.

According to Mr. Gyamfi, President Mahama has tasked the GoldBod to spearhead Ghana’s mineral value addition drive with the objective of ensuring that by 2030, all mineral resources mined in Ghana are refined locally before export.

“Our vision is to refine all the gold we purchase from the artisanal and small-scale mining sector as well as the percentage of gold we receive from the large-scale mining sector before export,” he stated.

He noted that the agreement with Royal Ghana Gold Refinery Limited represents the second major refinery partnership entered into by the GoldBod this year, following an earlier agreement signed with Gold Coast Refinery in February 2026.

Mr. Gyamfi stressed that local refining presents enormous economic benefits to Ghana, including the retention of refining fees, recovery of silver and other valuable by-products associated with gold refining, increased foreign exchange earnings, expanded employment opportunities for Ghanaians and solving the issue of purity losses.

He further indicated that the GoldBod remains committed to building a fully integrated gold value chain capable of positioning Ghana as a leading refining and responsible sourcing hub on the African continent.

The Governor of the Bank of Ghana, Dr. Johnson Asiama, also commended the partnership and reaffirmed the Central Bank’s support for the initiative.

Dr. Asiama disclosed that the Bank of Ghana holds a minority stake in Royal Ghana Gold Refinery Limited, explaining that the investment was primarily intended to strengthen regulatory oversight and support Ghana’s broader gold value addition agenda.

He described the agreement as a strategic intervention that aligns with national efforts to maximise returns from Ghana’s gold resources while enhancing the country’s reserve accumulation and economic stability.

Chief Executive Officer of Royal Ghana Gold Refinery Limited, Mr. Eric Frimpong, expressed appreciation to President Mahama, Finance Minister, Dr. Cassiel Ato Forson, the Bank of Ghana and the GoldBod for their support and confidence in the refinery.

Mr. Frimpong assured that the refinery possesses the technical capacity, modern equipment and human resource base required to operate continuously in order to maximise refining output and support Ghana’s industrial transformation agenda.

According to him, the company’s long-term ambition is to attain London Bullion Market Association (LBMA) accreditation and position Ghana competitively within the global refining industry.

He further pledged the refinery’s commitment to creating more employment opportunities for Ghanaians, operate 24 hours while collaborating closely with the GoldBod to expand refining capacity beyond the initial one metric tonne per week threshold.

The agreement follows a familiarisation tour undertaken by the GoldBod CEO to the refinery’s facility in April 2026, during which Mr. Gyamfi praised the company’s ultramodern infrastructure and readiness to support Ghana’s growing local refining agenda.

The latest agreement further reinforces the GoldBod’s emerging role as a strategic driver of Ghana’s gold sector transformation through value addition, responsible sourcing, formalisation and local industrial development.