Goldbod has signed a Memorandum of Understanding (MoU) with Gold Coast Refinery to ensure that gold exported by Goldbod is refined in Ghana.
Under the agreement, every gold bar refined by Gold Coast Refinery and exported by Goldbod will carry a joint hallmark bearing the emblems of Gold Coast Refinery, Goldbod, the Ghana Standards Authority, and the Bank of Ghana.
The deal will allow up to one metric tonne of gold exported by Goldbod to be refined locally at Gold Coast Refinery every week.
According to Goldbod, the agreement will help retain millions of dollars currently paid as refining charges to refineries in Dubai, India, Switzerland, Hong Kong, and other foreign countries, ensuring the funds remain within Ghana’s banking sector and wider economy.
The partnership is also expected to create both direct and indirect jobs, as Gold Coast Refinery has committed to operating on a 24-hour basis in line with the government’s 24-hour economy policy.
Speaking on the agreement, Chief Executive Officer of Goldbod, Sammy Gyamfi, said Ghana must prioritise refining its gold locally instead of relying on foreign facilities.
“We cannot continue to refine our gold in Europe while refineries in Ghana continue to suffer,” he stated.
The agreement marks a significant step toward strengthening Ghana’s gold value chain and boosting local industrial capacity.
