• Ghana’s Gold Board signed the country’s first local gold refining agreement with a domestic refinery to process artisanal gold.

• The deal will deliver one tonne of raw gold per week to Gold Coast Refinery starting February 1 and grant the state a 15% free equity stake.

• Authorities aim to retain refining fees, create jobs, and pursue LBMA certification to raise export revenues.

The Gold Board (GoldBod), which regulates Ghana’s ASM gold sector, signed a refining agreement on January 20, with Gold Coast Refinery Company Limited. The partnership established a framework for processing gold produced by artisanal miners and marked what officials described as a “major turning point in Ghana’s efforts to increase value addition in the gold sector and derive stronger economic benefits from its mineral resources.”

According to the information released, the agreement represented the first local gold refining contract signed between the Ghanaian government and a national refinery. From February 1, GoldBod will supply one tonne of raw gold per week to Gold Coast Refinery for processing into refined gold. In addition to its regulatory role, GoldBod also operates as the sole buyer and exporter of gold produced by artisanal miners in Ghana.

GoldBod generated $10 billion in export revenues in 2025 through these activities. The government now plans to evolve this business model through the partnership with Gold Coast Refinery, which aims to increase the value added to gold previously exported in raw form.

Leveraging a strategic agreement

For now, the financial structure and expected economic returns of the partnership remain undefined, particularly for Gold Coast Refinery. However, the initiative has already raised expectations among Ghanaian authorities. The agreement grants GoldBod, on behalf of the Ghanaian state, a 15% free equity stake in the refinery, which embeds public interests in the company’s shareholding and opens the door to potential dividend income.

At the same time, GoldBod expects the agreement to retain several million dollars in refining fees within the Ghanaian economy, as operators previously paid those costs to foreign refineries. Authorities also anticipate social benefits, including the creation of direct and indirect jobs to meet the refinery’s labor needs.

Officials also presented the project as a test case for Ghana’s ambition to secure London Bullion Market Association certification for one of its refineries in order to “generate higher revenues from gold exports.” The LBMA accreditation, which the London Bullion Market Association issues and international markets recognize, guarantees compliance with traceability and responsible sourcing standards. Within this framework, Gold Coast Refinery has started developing a partnership with South Africa’s Rand Refinery, which currently remains the only LBMA-certified refinery in Africa.

Observers will now track the progress of these initiatives in the coming months, particularly the launch of refining operations under the GoldBod–Gold Coast Refinery partnership. Ghana also operates other refineries, including the Royal Ghana Gold Refinery inaugurated in 2024, but authorities have not yet confirmed whether they will integrate these facilities into the new strategy. Like Ghana, other West African countries, including Mali, have also pursued plans to refine more gold domestically in order to strengthen their position along the value chain and increase revenues.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange Jason Quenum