Benefits Ghana will get from the GoldBod and Gold Coast Refinery landmark agreement

The Ghana Gold Board (GoldBod) has signed a landmark gold refining agreement with Gold Coast Refinery on Tuesday, January 20, marking a major step towards deepening value addition within Ghana’s gold sector.

The partnership seeks to reduce Ghana’s long-standing reliance on exporting raw gold, a practice that has historically led to significant revenue losses that could otherwise be captured through domestic refining and downstream processing.

Under the agreement, gold sourced from both artisanal and large-scale mining operations will be refined locally for trade and export, bolstering Ghana’s position along the global gold value chain.

Speaking at the signing ceremony in Accra, GoldBod Chief Executive Officer Sammy Gyamfi said the agreement will significantly enhance the implementation of a track-and-trace system across the gold sector.

He explained that Ghana’s daily export of approximately one tonne of gold will now be shipped in refined form, with a minimum purity of 99.9 per cent, the highest standard in the industry.

“This development marks a major milestone in Ghana’s gold trade and will help maximise national benefits from our mineral resources,” Mr Gyamfi said.

He further highlighted the economic benefits, noting, “The millions of dollars we pay as refinery charges to refineries in Dubai, Switzerland, India, Hong Kong, and other foreign countries will now stay in our banking sector. That money will now stay in our economy.”

Below are 9 benefits of the agreement to Ghana according to GoldBod