Ghana has officially started refining gold from the artisanal and small-scale mining (ASM) sector locally, with the Ghana Gold Board (GoldBod) partnering Gold Coast Refinery to process gold into bullion bars within the country.
The Minister for Finance and Economic Planning, Dr Cassiel Ato Forson, announced this after touring the Gold Coast Refinery facility in Accra alongside GoldBod Chief Executive Officer, Sammy Gyamfi, and members of the Board.
“These gold bars you see here are for the Ghana Gold Board. We are only service providers,” Executive Chairman of Gold Coast Refinery, Dr Said Deraz, told the delegation during the visit.
The tour followed a landmark agreement signed in January 2026, under which Gold Coast Refinery is expected to refine all ASM gold purchased by GoldBod, with operations officially beginning in February.
During the inspection, Dr Deraz took the Finance Minister and his team through the refinery’s full production chain, demonstrating how raw gold is processed into internationally accepted bullion bars.
He explained that the refinery has entered into a technical partnership with Rand Refinery of South Africa, Africa’s only LBMA-accredited refinery, to ensure that Ghana’s gold meets global standards.
The delegation observed key stages, including crushing, heating, purification, melting and bar production, as well as facilities such as the assay laboratory, XRF and ICP-OES laboratories, vault, incinerator and melting room.
At the bar production section, Dr Forson was presented with finished gold bars bearing the official stamps of the Ghana Gold Board, Gold Coast Refinery, Bank of Ghana and the Ghana Standards Authority.
Addressing journalists after the tour, Dr Forson described the development as a major step in Ghana’s industrialisation drive and a fulfilment of President John Dramani Mahama’s long-standing vision to refine the country’s gold locally.
“This is the realisation of a vision that began several years ago. For the first time, a Ghanaian state institution’s emblem is being stamped on gold refined in our own country,” he said.
He recalled that the Gold Coast Refinery was commissioned in 2016 under the Mahama administration but remained largely underutilised after the change in government.
According to him, the current partnership was influenced by President Mahama’s commitment to ensuring that the facility operates at full capacity and adds more value to Ghana’s mineral resources.
Dr Deraz disclosed that the refinery can process up to two tonnes of gold per week, although the current agreement with GoldBod allows for one tonne weekly.
He said the company has invested in modern equipment, including a flameless tunnel furnace and advanced security systems, to support continuous production.
Dr Forson also praised GoldBod’s performance since it began full operations in May 2025, noting that the local refining initiative is already delivering economic benefits.
He revealed that the refinery has created about 162 direct jobs and is now operating on a 24-hour basis, in line with the government’s 24-hour economy policy.
“This is about jobs, value addition and keeping more of our mineral wealth here at home,” the Finance Minister added.
He further urged Gold Coast Refinery to work towards securing London Bullion Market Association (LBMA) certification and encouraged GoldBod to establish a national assay laboratory before the end of the year.
The Minister also inspected bullion vans belonging to the refinery, commending the company for investing in logistics and security infrastructure.
GoldBod was established to regulate and manage the purchase of gold from small-scale miners, curb smuggling, and maximise state revenue from the sector. The local refining initiative is expected to reduce Ghana’s dependence on foreign refineries and strengthen its position as a major gold hub in West Africa.
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Source: www.myjoyonline.com
