By Adnan Adams Mohammed
Ghana is taking a significant step in its gold mining industry, set to increase its gold refinery capacity with a new agreement between the Ghana Gold Board (GoldBod) and Gold Coast Refinery Limited.
The partnership will see the country refine up to 1,000 kilogrammes of gold weekly, starting February 2026.
The refined gold will meet international standards, with a minimum purity level of 99.5%. This move is expected to boost export value, retain refining fees locally, and create jobs.
Ghana, Africa’s top gold producer, aims to unlock more economic benefits from its US$146 billion gold reserves.
The refinery is expected to generate tax revenue, enhance transparency in the gold supply chain, and contribute to the country’s economic growth.
This development is part of Ghana’s efforts to add value to its gold resources and increase earnings.
Below are 10 key benefits:
1. First local gold refinery: Ghana gets its first-ever local gold refinery, adding value to the country’s precious minerals.
2. Millions in refining changes retained: Refining fees that previously went to Dubai, India, Hong Kong, and Switzerland are now kept in Ghana’s economy.
3. Job creation: Direct and indirect jobs are created as the refinery operates 24/7 under Ghana’s 24-Hour Economy policy.
4. Increased tax revenue: The country gains tax revenue from the refinery, ending nine redundant years without 1 metric tonne of gold refining per week.
5. Reduction in purity losses: Eliminates historical purity losses from raw gold export, improving gold export valuation.
6. Accurate gold & silver determination: Precise measurement of Ghana’s gold and silver exports enables local jewelry fabrication.
7. Refined gold for local jewelers: Availability of refined gold and silver for local jewelers and fabricators of ornaments.
8. Potential dividends for Ghana: Free Carried Interest shares held for Ghana by Gold Coast Refinery may yield dividends.
9. Enhanced gold reputation: Eliminates foreign and deleterious substances in raw gold, improving export reputation.
10. LBMA certification: Fast-tracked process to achieve LBMA certification for the Ghana refinery, boosting gold export returns.
