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The Ghana Gold Board (GoldBod) is set to commence local gold refining in October 2025, in partnership with the Bank of Ghana and local refineries, including the Gold Coast Refinery. According to Chief Executive Officer Sammy Gyamfi, this initiative aims to boost value addition in the gold sector and improve Ghana’s economic resilience.
The decision is part of a broader effort to transform Ghana’s mining sector, and the Gold Board is determined to change the narrative of exporting raw gold (doré) instead of refined gold (bullion). Gyamfi described it as a “national shame” that Ghana, a leading gold producer in Africa, still exports raw gold.
The initiative includes several key components. The GoldBod will partner with local refineries to refine gold purchased and exported by the Board, starting in October 2025. A modern ISO-certified assay laboratory will be constructed at the Kotoka International Airport to upgrade Ghana’s assay regime to international standards, using fire assay testing. Plans are also underway to establish a state-owned refinery to advance local refining and add value to Ghana’s mineral exports. Additionally, a “Gold Village” will be developed to position Ghana as a continental hub for jewelry and ornaments.
Gyamfi emphasized that the initiative is part of a broader effort to transform Ghana’s mining sector, urging local financial institutions to support mining investments and promote value addition. The move is expected to create jobs, improve trade balances, and retain more value from Ghana’s gold resources. With NDC MP Rockson-Nelson Dafeamekpor calling for the prosecution of the Minister for Lands and Natural Resources over the recent mining lease granted to a Chinese company, the political landscape is heating up, making the Gold Board’s initiative a timely boost to Ghana’s economy.
Source: epos
