Ghana is set to refine one metric tonne of gold every week locally following a landmark agreement between the Ghana Gold Board (GoldBod), Gold Coast Refinery, and Rand Refinery, a move expected to significantly deepen value addition in the country’s gold sector.
Under the agreement signed on Tuesday, January 20, 2026, GoldBod will supply 1 metric tonne of gold per week to Gold Coast Refinery for processing, marking a major step toward Ghana’s long-standing ambition to move beyond raw gold exports and capture more value from its mineral wealth.
Speaking at the signing ceremony, Chief Executive Officer of GoldBod, Mr. Sammy Gyamfi, said the partnership was driven by the need to fully harness the benefits of Ghana’s gold resources in line with President John Dramani Mahama’s vision of value addition and economic transformation.
“Before this agreement, we toured the Gold Coast Refinery and observed that it was significantly underutilised. This partnership allows Ghana to leverage existing capacity while ensuring that more value from our gold stays within the economy,” Mr. Gyamfi said.
As part of the deal, Ghana, through GoldBod, has secured a 15 per cent equity stake in Gold Coast Refinery, giving the country a direct ownership interest in the refining process and strengthening national participation across the gold value chain.
Chief Executive Officer and Chairman of Gold Coast Refinery, Dr. Said Deraz, welcomed the agreement and expressed readiness to work closely with GoldBod to refine Ghana’s gold to the highest international standards.
“Our refinery has the capacity to produce gold with a purity level of up to 99.999 per cent, and we are committed to refining gold sourced from ethical and sustainable operations,” Dr. Deraz said, adding that the facility has the capacity to refine up to 100 metric tonnes of gold annually.
The partnership also brings in Rand Refinery, one of the world’s most established precious-metals refineries. Chief Executive Officer of Rand Refinery, Mr. Dean Subramanian, described the collaboration as a critical step in advancing responsible and sustainable gold refining.
“Sustainability is a journey, and it requires collaboration. We encourage GoldBod to work closely with LBMA and OECD guidelines to ensure Ghana’s gold meets global standards and gains wider international acceptance,” he said.
The signing ceremony attracted high-level participation, including Egypt’s Ambassador to Ghana, H.E. Wael Fathy, who expressed confidence in Ghana’s stability and investment climate.
“Ghana is a peaceful and sustainable country, and this agreement reinforces my belief in its potential. Beyond Gold Coast Refinery, which is an Egyptian company, I look forward to facilitating more Egyptian investments into Ghana,” the Ambassador stated.
Also present was the Deputy Minister for Lands and Natural Resources, Hon. Alhaji Yusif Sulemana, who assured stakeholders of the ministry’s full support to ensure a steady supply of sustainably mined gold for refining.
The Chief Executive Officer of the Ghana Chamber of Mines, Dr. Eng. Kenneth Ashigbey, said the Chamber remains committed to supporting local refining, particularly for gold produced by large-scale mining companies.
“With GoldBod, Gold Coast Refinery and Rand Refinery working together, we are optimistic that Ghanaian refineries will soon achieve LBMA certification, which is essential to attracting gold from large-scale mining operations,” he said.
Board Chairman of GoldBod, Mr. Kojo Fynn, described the agreement as transformative and called on Gold Coast Refinery to ensure that the expansion of its operations benefits Ghanaians directly.
“As your operations grow, we expect the employment of more Ghanaians and the training of Ghanaian students in mining and refining disciplines so that our youth can fully benefit from this initiative,” he urged.
Other dignitaries at the ceremony included Deputy Majority Leader, Hon. Ricketts Hagan, officials from Rand Refinery and Gold Coast Refinery, members of the GoldBod Board, and senior management of the Ghana Gold Board.
