Ghana secures 15% free interest in Gold Coast Refinery

The Government of Ghana has acquired a 15 per cent interest in Gold Coast Refinery Company Limited, making the state a direct shareholder in West Africa’s largest gold refinery without any financial outlay.

The equity stake was secured through a landmark refining agreement signed between the Ghana Gold Board (GoldBod) and the Gold Coast Refinery. 

The announcement made by GoldBod Chief Executive Officer, Sammy Gyamfi, during the signing ceremony of the agreement in Accra.

Under this free carried interest arrangement, Ghana enjoys full shareholder rights—including dividends and ownership benefits—while contributing no capital. Also, GoldBod will hold the 15 per cent stake on behalf of the Republic.

“We are not strangers refining our gold here; that refinery is also ours,” Mr. Gyamfi declared, emphasising that the deal ensures Ghana directly benefits from profits generated by refining its own gold resources.

Agreement

The agreement mandates that up to one metric tonne the equivalent of1,000 kilogramms of gold exported by GoldBod will be refined locally every week, effective February 1, 2026.

According to Mr Gyamfi the refinery, commissioned in 2016, had been significantly underutilised despite its status as the sub-region’s largest facility. 

Recent technical assessments and reforms led by GoldBod have upgraded operations to meet international standards and operate at higher capacity.

Partnership and technical support

The partnership has been further bolstered by technical support from Rand Refinery—Africa’s only LBMA-accredited refinery—with the goal of achieving LBMA accreditation for Gold Coast Refinery.

Mr Gyamfi stressed that the initiative aligns with President John Mahama’s directive to shift Ghana from raw gold exports to full value optimisation, ensuring locally refined gold is responsibly sourced, traceable, and meets a minimum purity of 99.5 per cent.

The acquisition marks a significant policy shift, transforming Ghana from a raw gold supplier into an active participant and shareholder in the refining value chain, while promoting greater transparency, sustainability and economic returns from the country’s mineral wealth.