In a significant advancement for Ghana’s gold industry, the Ghana Gold Board, known as GoldBod, has entered into a pivotal agreement with Gold Coast Refinery Ltd. This partnership will see the refinement of one tonne (1,000 kilograms) of gold each week, marking a transformative shift from the previous practice of exporting raw gold.
The newly established collaboration aims to enhance Ghana’s export earnings, generate employment opportunities, and contribute to the nation’s industrialization strategy by promoting local value addition. Historically, a majority of Ghana’s gold output has been exported in its unrefined state, despite the existence of a domestic refinery.
Sammy Gyamfi, the CEO of GoldBod, officiated the agreement’s signing alongside Dr. Said Deraz, the Chairman and CEO of Gold Coast Refinery. The agreement will allow Gold Coast Refinery to process gold doré—unrefined gold sourced from GoldBod—into refined bullion ready for international markets.
During the signing event held in Accra, Gyamfi explained that the agreement followed an assessment visit to Gold Coast Refinery to evaluate its operational capabilities. This assessment prompted a series of recommendations aimed at enhancing the refinery’s efficiency and service quality. “Our collaborative efforts have led to actionable steps that the refinery is currently implementing,” he stated.
Gyamfi emphasized the agreement’s potential to gradually scale up operations, with an ultimate goal of refining all gold exported from Ghana locally. He praised Gold Coast Refinery for its resilience amid operational hurdles since its establishment in November 2016, underscoring the importance of their commitment to the project.
Additionally, the partnership will leverage the expertise of Rand Refinery, a South African entity, which has been brought in to bolster the technical capabilities of Gold Coast Refinery, ensuring higher standards of processing.
Dr. Deraz articulated the agreement’s significance, noting that it represents a crucial change in the gold value chain within Ghana. “This partnership allows us to refine gold doré into pure bullion, enhancing value addition and contributing to job creation,” he remarked. He reiterated the commitment to align with the national agenda of advancing Ghana’s industrial base and maximizing economic benefits from the country’s gold resources.
Furthermore, Deraz expressed confidence that their collaboration with Rand Refinery would yield sustainable and measurable outcomes, setting a precedent for local beneficiation in the sub-region. “Our success will serve as a benchmark for other nations, highlighting the advantages of responsible gold refining,” he concluded.
