Beginning February 1, 2026, Ghana will commence the local refining of one metric tonne of gold every week, marking a major shift from the export of raw minerals to value-added gold exports. This follows the signing of a landmark agreement between the Ghana Gold Board (GoldBod) and Gold Coast Refinery Limited.

The initiative is intended to boost the value of Ghana’s gold exports while retaining refining fees within the domestic economy.

Speaking at the signing ceremony in Accra on Tuesday, January 20, the Chief Executive Officer of GoldBod, Sammy Gyamfi, described the agreement as a significant turning point in the country’s gold resource management.

“Today is a great day because we are executing a groundbreaking agreement that will change the face of how we manage our gold resources, particularly in relation to value addition,” he said.

Under the agreement, up to 1,000 kilogrammes of gold exported by GoldBod will be refined locally each week, with plans to gradually scale up production toward full domestic refining of Ghana’s gold exports.

Mr. Gyamfi said the policy direction was driven by clear presidential guidance to move Ghana beyond raw extraction. He noted that President John Dramani Mahama had directed the sector to transition from extraction to full value optimisation through local value addition.

The agreement also strengthens Ghana’s ownership position in the gold value chain, granting the state a 15 per cent free carried interest in Gold Coast Refinery. This stake is held on behalf of the Republic of Ghana by the Ghana Gold Board.

According to Mr. Gyamfi, the arrangement means Gold Coast Refinery is no longer merely a service provider but a national asset in which the state has a direct interest.

He explained that the decision followed the realisation that Ghana’s largest refinery was operating well below capacity, even though nearly all gold exports were leaving the country in raw form.

“About 99.9 per cent of the gold we export is in raw form, and that is very troubling,” he said.

The refined gold will meet minimum purity standards of 99.5 per cent, with the capacity to achieve higher international benchmarks. The partnership also involves Rand Refinery, Africa’s only London Bullion Market Association (LBMA)-accredited refinery, to enhance technical capacity and support Ghana’s bid to secure LBMA accreditation.

Beyond value addition, the agreement is expected to retain millions of dollars in refining fees within the local economy, support round-the-clock refinery operations, create employment opportunities, and generate additional tax revenue and dividends for the state.