GoldBod signs gold refining agreement with Gold Coast Refinery to begin local gold refining in 2026

The Ghana Gold Board (GoldBod) has signed a gold refining agreement with Gold Coast Refinery, paving the way for large-scale local gold refining to commence from February 1, 2026.

The agreement marks a major milestone in Ghana’s efforts to add value to its gold resources locally and strengthen responsible sourcing and sustainability within the sector.

Under the partnership, Gold Coast Refinery will refine gold to internationally accepted export standards, with the facility capable of producing gold at three nines, four nines, and up to five nines purity.

The refinery meets a minimum purity threshold of 89.5%.

Speaking at the signing ceremony, Chief Executive Officer of GoldBod, Sammy Gyamfi, described the initiative as leadership by example.

He disclosed that GoldBod will begin by refining one metric ton of gold every week from February 1, 2026, with plans to scale up production.

“We own, we control, and we want to expand,” Mr. Gyamfi stated.

A key feature of the agreement is a new hallmarking system.

Every ounce of gold refined and exported under the arrangement will carry a hallmark bearing the emblems of the Gold Coast Refinery, Ghana Gold Board, Ghana Standards Authority, and the Bank of Ghana, reinforcing traceability and quality assurance.

The Republic of Ghana holds a 15 percent free-carried interest in the Gold Coast Refinery, which is managed by GoldBod, further deepening state participation in the value chain.

Executive Director, Gold Coast Refinery Ltd, Ehab Deraz, described the partnership as a significant milestone for Ghana’s economic transformation.

Quoting President John Dramani Mahama’s statement that “the wallet is changing, and Africa is rising,” Dr. Deraz said the agreement reflects Ghana’s steady progress toward economic independence.

Guided by this vision and national initiatives such as the 24-hour economy framework, he noted that Ghana is positioning itself as a confident and competitive nation.

“Our goal was to build a world-class gold refinery in Accra, and we are proud to say we have achieved that,” he said.

Completed in 2016, Gold Coast Refinery meets international standards and has the capacity to process up to 100 metric tons of gold annually at high purity levels.

The facility holds all required licenses, Responsible Gold Certification (RGC), and ISO certifications, and is currently pursuing accreditation from the London Bullion Market Association (LBMA).

The refinery offers services including assaying, refining, casting, and ethical gold sourcing.

Dr. Deraz also announced a strategic partnership with RAN Refinery of South Africa—the country’s only LBMA-accredited refinery—and welcomed their technical team as part of efforts to enhance operational excellence.

The gold refining agreement between GoldBod and Gold Coast Refinery is expected to significantly boost Ghana’s gold value chain, reduce reliance on foreign refining, and enhance the country’s standing in the global precious metals market.

Story by: Joshua Kwabena Smith and Hawa Abubakar