Ghana will on Tuesday, January 20, 2026, take a major step toward transforming its gold industry as the Ghana Gold Board (GoldBod) signs a gold refining agreement with Gold Coast Refinery in Accra.
The agreement represents a historic milestone for Africa’s largest gold producer, marking a decisive move to strengthen the country’s gold value chain, expand local refining capacity and advance Ghana’s broader industrialisation agenda through value addition.
The Minister for Finance, Dr Cassiel Ato Baah Forson who is also the Member of Parliament for Ajumako Enyan Besease is expected to be the Guest of Honour at the signing ceremony, which will bring together senior government officials, industry players and key stakeholders in the mining and financial sectors.
Under the partnership, gold produced in Ghana will increasingly be refined locally to internationally recognised standards, reducing the long-standing dependence on exporting raw or semi-processed gold.
The initiative is expected to improve export earnings, create skilled employment opportunities, enhance traceability and strengthen Ghana’s position in responsible and transparent gold sourcing.
Ghana has produced gold for centuries and, in recent years, has consistently ranked as Africa’s top producer, with annual output estimated at over 100 tonnes.
However, most of this production has traditionally been exported in raw form, limiting the country’s ability to capture the full economic value of its most important mineral resource.
The refinery partnership is therefore seen as a strategic intervention to ensure Ghana derives greater benefits from its gold, including refining margins, improved foreign exchange inflows and opportunities for downstream industries such as jewellery manufacturing and bullion-based financial products.
Analysts also point to the potential for improve and tighter regulation of the gold trade and reduced smuggling as local refining capacity expands.
The agreement aligns with the mandate of the Ghana Gold Board, which was established in April 2025 following the passage of the Ghana Gold Board Act, 2025 (Act 1140). The Act empowers GoldBod to regulate, oversee and promote the sustainable development of the gold sector, with a strong emphasis on value addition, market integrity and national economic returns.
Among its core functions, GoldBod is responsible for promoting local refining and downstream processing, improving traceability in the gold supply chain, supporting the formalisation of small-scale mining, enhancing export revenues and positioning Ghana as a regional hub for gold trading and refining.
Stakeholders describe the refining agreement with Gold Coast Refinery as a cornerstone of efforts to reposition Ghana’s mineral sector from one focused largely on raw exports to a more integrated, value-driven industry.
As Ghana moves to refine more of its gold at home, the initiative is expected to support industrial growth, technology transfer and job creation, while ensuring that the country captures maximum value from its most prized mineral.
By: Christian Kpesese
