Ghana takes control of its gold as local refining operation begins [PHOTOS]

The development follows the commencement of operations by the Ghana Gold Board (GoldBod), in partnership with Gold Coast Refinery, marking a shift away from exporting raw gold for processing abroad.

The milestone was highlighted during a visit to the Gold Coast Refinery by the Minister for Finance and Economic Planning, Dr Cassiel Ato Forson, alongside GoldBod’s Chief Executive Officer, Sammy Gyamfi, and senior officials from both institutions.

During the visit, the Executive Chairman of Gold Coast Refinery, Dr Said Deraz, led the delegation through the facility’s full production chain, demonstrating how raw gold supplied by GoldBod is transformed into refined bullion bars.

He explained that the refinery operates under a technical partnership with South Africa’s Rand Refinery, Africa’s only refinery accredited by the London Bullion Market Association, to ensure Ghana’s gold meets international standards.

At the bar production section, the Finance Minister was presented with finished gold bars bearing the stamps of the Ghana Gold Board, Gold Coast Refinery, the Bank of Ghana, and the Ghana Standards Authority, a moment officials described as symbolic of a new chapter in the country’s mining history.

Addressing journalists after the tour, Dr Forson described the start of local refining as the fulfillment of President John Dramani Mahama’s long-held ambition for Ghana to process its own gold. He recalled that the Gold Coast Refinery was commissioned in 2016 but remained underutilised for years, adding that the current administration was determined to see it operate at full capacity.

The Finance Minister noted that since GoldBod began full operations in May 2025, the initiative has already delivered tangible gains. He disclosed that refinery activities have created about 162 jobs and enabled round-the-clock operations in line with the government’s 24-hour economy policy.

Dr Forson also urged Gold Coast Refinery to work towards securing LBMA certification and encouraged GoldBod to establish a national assay laboratory before the end of the year, pledging government support.

He further commended the refinery’s investment in secure bullion transport infrastructure, which he described as critical to positioning Ghana as a leading gold-refining hub in Africa.