The partnership between the Ghana Gold Board (GoldBod) and Gold Coast Refinery is not
just timely—it is strategic, visionary, and transformative. It represents a bold return to a
long-abandoned national vision and a decisive step toward securing Ghana’s economic
sovereignty in the gold sector.
Gold Coast Refinery is the first state-of-the-art gold refinery in West Africa and
the second largest in Africa, with the capacity to refine up to 500 kilograms of gold
per day and 180 metric tonnes annually in a single-shift operation. In 2022, it
achieved a historic milestone by becoming the first gold refinery in Ghana and West
Africa to be certified under the Responsible Jewellery Council (RJC) Code of
Practices, an affiliate of the London Bullion Market Association (LBMA).
Through its technical and commercial partnership with Rand Refinery of South
Africa—the only LBMA-accredited refinery in Africa—Gold Coast Refinery is capable of
refining gold doré to 999.99 purity. This means that gold supplied by GoldBod can now
be refined locally before export, creating jobs, boosting export earnings, and
advancing Ghana’s industrialization agenda.
The over US$150 million Gold Coast Refinery, established by Euroget Group of Egypt
in partnership with local shareholders, was commissioned by President John Dramani
Mahama on 12th November 2016. At the commissioning, President Mahama clearly
articulated the refinery’s strategic importance, stating:
“The establishment of Gold Coast Refinery is in line with government’s policy on value
addition to Ghana’s raw materials and export diversification programme. We have the
raw gold and other minerals, and now that a refinery has been established, it will facilitate
the creation of a jewellery village in Tepa in the Ahafo-Ano District of the Ashanti Region.”
This was a bold and forward-looking vision—one designed to elevate Ghana’s gold
industry to world standards, strengthen the economy, and ultimately stabilise the national
currency.
Unfortunately, that vision was abandoned after the NDC lost power in 2016. Despite
inheriting a fully commissioned, world-class refinery, the NPP government chose not to
operationalize it. Ironically, while abandoning the refinery, the same government
continued to work with Euroget Group on other major projects, including the
construction of several hospitals across the country.
Instead, in August 2024, barely months before the general elections, the NPP
government inaugurated a new refinery—Royal Ghana Gold Refinery. According to
then Vice President Dr. Mahamudu Bawumia, the refinery had a capacity of 400kg
per day and 144 tonnes annually, at a cost of US$20–50 million. He claimed it
marked “a new era” in curbing gold smuggling and increasing national revenue.
However, serious concerns were raised. IMANI Ghana revealed that the refinery’s
supposed partner, Rosy Royal Minerals Ltd of India, had no track record of
investing in or operating a gold refinery, no refinery personnel on site, and no
evidence of making any significant investment anywhere in the world.
The refinery was instead chaired by a political party functionary and managed by an independent consultant—raising troubling questions about credibility and sustainability.
Following the 2024 electoral defeat of the NPP, the NDC returned to office and moved
swiftly to restore the original vision. The passage of the Ghana Gold Board Act, 2025
(Act 1140) on 28th March 2025, and its assent on 2nd April 2025, established GoldBod to regulate, buy, and export gold—particularly from small-scale miners.
On 9th April 2025, the indefatigable CEO of GoldBod, Sammy Gyamfi, visited the Gold
Coast Refinery to assess its operations. After the visit, he stated:
“This situation was clearly unsustainable. Based on what I have seen and witnessed, the
facility is operating far below capacity due to the country’s heavy reliance on foreign
refineries.”
Eight years after its commissioning, not a single ounce of gold had been refined at
the over US$100 million facility, even as approximately 325.2 metric tonnes of
raw gold were exported during that period—costing the nation billions of dollars in
lost value.
This is precisely why GoldBod’s decision, under the leadership of Sammy Gyamfi, is a
masterstroke. For the first time since independence, Ghana will export its gold at a
999.99% purity, ending decades of exporting raw artisanal gold and bleeding national
wealth.
The benefits are enormous:
• Savings of millions of dollars paid to foreign refineries
• Increased tax revenues and foreign exchange inflows
• Creation of direct and indirect jobs
• Enhanced local value addition
• A 15% free carried interest for the state in Gold Coast Refinery, held in trust
by GoldBod.
This partnership firmly places Ghana on the global map for gold standardization and
responsible mineral processing.
As Sammy Gyamfi aptly stated after signing this historic and economically transformative
agreement:
“This initiative is expected to boost export earnings, create jobs, and support Ghana’s
industrialization agenda through increased local value addition.”
This indeed, is a masterstroke.
Writer: Nii Amarh Amarteifio. Head of Gold Operation, Asianic Ghana Ltd
