Ghana has taken a major step toward maximizing the value of its gold resources with the launch of local refining for artisanal and small-scale mining output. The move marks a shift away from exporting raw gold for processing abroad.
The milestone was highlighted during a visit to the Gold Coast Refinery by Finance and Economic Planning Minister Dr. Cassiel Ato Forson, accompanied by GoldBod CEO Sammy Gyamfi and senior officials from both institutions. The visit followed last month’s agreement for Gold Coast Refinery to process all ASM gold purchased by the Ghana Gold Board, with refining operations officially beginning this month.
During the tour, Dr. Said Deraz, Executive Chairman of Gold Coast Refinery, guided officials through the facility’s production chain, demonstrating how raw gold supplied by GoldBod is converted into refined bullion bars. He explained that the refinery operates under a technical partnership with South Africa’s Rand Refinery the continent’s only London Bullion Market Association-accredited facility to ensure Ghanaian gold meets international quality standards.
The refinery has the capacity to process up to two tonnes of gold per week, although the current agreement provides for one tonne weekly. Dr. Deraz emphasized that the refinery functions purely as a service provider, with ownership of the refined gold remaining with GoldBod.
At the bar production section, officials observed finished gold bars stamped by the Ghana Gold Board, Gold Coast Refinery, the Bank of Ghana, and the Ghana Standards Authority a symbolic moment representing a new chapter in Ghana’s mining sector.
Speaking to journalists after the visit, Dr. Forson described the start of local refining as fulfilling President John Dramani Mahama’s long-held goal of processing Ghana’s own gold. He recalled that although the Gold Coast Refinery was commissioned in 2016, it remained largely underutilized until now, and the current administration is committed to maximizing its operations.
The Finance Minister noted that since GoldBod began full operations in May 2025, the initiative has already created around 162 jobs and facilitated round-the-clock operations in line with the government’s 24-hour economy policy. He urged the refinery to pursue LBMA certification and encouraged GoldBod to establish a national assay laboratory by year-end, pledging government support.
Dr. Forson also commended the refinery’s investment in secure bullion transport infrastructure, describing it as a critical step toward positioning Ghana as a leading gold-refining hub in Africa.