Ghana has taken a decisive step to overhaul its gold industry with the signing of a landmark agreement that will see the country refine its gold locally rather than exporting it in raw form, a move expected to significantly increase national revenue and strengthen oversight within the sector.
Under the agreement with Gold Coast Refinery, which takes effect in February 2026, gold produced in Ghana will undergo local refining to a purity level of 99.5 percent before export. The initiative aligns with President John Dramani Mahama’s directive to reposition Ghana from a raw material exporter to a value-adding economy.
The partnership is expected to revive the operations of Gold Coast Refinery, which was established in 2016 but has operated below capacity. With the new mandate, the refinery will initially process up to 1,000 kilograms of gold each week, with plans to scale up to cover all gold exports from the country.
To meet global market requirements, the agreement includes a technical collaboration with RAN Refinery, Africa’s only London Bullion Market Association-accredited facility. This partnership will ensure international compliance, transparency, and full traceability of Ghana’s refined gold.
All refined gold will carry official hallmarks from Gold Coast Refinery, the Ghana Gold Board, the Ghana Standards Authority, and the Bank of Ghana, reinforcing credibility and safeguarding the integrity of Ghana’s gold exports.
The state, acting through Goldbod, holds a 15 percent free-carried interest in the refinery, reflecting government’s commitment to responsible sourcing, sustainability, and stronger national participation in the gold value chain.
Describing the agreement as a historic milestone, Chairman and Chief Executive Officer of Gold Coast Refinery, Dr. Said Deraz, said the partnership embodies a broader vision of Africa asserting greater control over its natural resources and economic destiny.
