10 Benefits of the Refining Agreement Between Goldbod and Gold Coast Refinery

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.

1. First-ever local gold refinery agreement between the Government of Ghana and a local refinery
   The agreement represents the first major government-backed partnership with a local refinery focused on adding value to Ghana’s precious minerals before export.
2. Retention of refining charges within Ghana’s economy
   Millions of dollars in refining charges that would previously have been paid to refineries in Dubai, India, Hong Kong, Switzerland and other foreign jurisdictions will now remain within Ghana’s economy.
3. Creation of direct and indirect employment opportunities
   The refinery is expected to create several direct and indirect jobs, particularly as operations expand under the government’s 24-Hour Economy policy.
4. Increased tax revenue for the country
   The revival of Gold Coast Refinery, which had remained underutilised for about nine years, will contribute to increased economic activity and generate additional tax revenue through weekly refining operations of up to one metric tonne of gold.
5. Reduction of purity losses and undervaluation of gold exports
   Local refining will help reduce, and eventually eliminate, historical purity losses associated with exporting raw gold. It will also strengthen the accurate valuation of Ghana’s gold exports.
6. Accurate determination and retention of silver content
   The agreement will enable proper assessment of the silver content contained in Ghana’s gold exports, creating opportunities to retain silver locally for use by the jewellery and fabrication industries.
7. Improved access to refined gold and silver for local jewellers
   The availability of refined gold and silver will support local jewellery manufacturing and fabrication, strengthening Ghana’s downstream precious minerals industry.
8. Potential dividends through Ghana’s ownership stake
   Ghana stands to benefit financially through GoldBod’s 15 percent free carried interest in Gold Coast Refinery Limited, held on behalf of the Republic of Ghana.
9. Enhanced reputation and integrity of Ghana’s gold exports
   Refining locally will improve the quality, credibility and international reputation of Ghana’s gold by reducing risks associated with impurities and foreign substances often found in raw gold exports.
10. Accelerated pathway toward LBMA-certified refining capacity
    The partnership with Gold Coast Refinery and technical support from Rand Refinery is expected to fast-track Ghana’s ambition of achieving an LBMA-certified refinery, which would unlock higher returns from gold exports.

The landmark ceremony, which took place at the Ghana Gold Board head office, was attended by the CEO of Rand Refinery, Mr. Dean Subramanian, representing Africa’s only LBMA-accredited refinery and technical 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 Ghana Chamber of Mines, Ing. Dr. Kenneth Ashigbey; Board Chairman of GoldBod, Mr. Kojo Fynn; and other distinguished members of the GoldBod Board.

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.