Sammy Gyamfi and Eric Frimpong exchanging the signed document as Dr. Johnson Asiama and other dignitaries look on
The Ghana Gold Board (GoldBod) has entered into a major refinery partnership with Royal Ghana Gold Limited as part of efforts to boost value addition in Ghana’s mining sector.
Under the agreement, GoldBod will provide up to one metric tonne of gold each week for local refining, in line with government’s objective of maximising benefits from the country’s mineral resources before export.
The partnership becomes GoldBod’s second refinery agreement in 2026, after a similar deal with Gold Coast Refinery earlier this year.
Speaking at the signing ceremony, GoldBod Chief Executive Officer, Sammy Gyamfi, reiterated President John Dramani Mahama’s commitment to ensuring that all minerals mined in Ghana are refined locally by 2030 before being exported.
He noted that the agreement would enable Ghana to retain refining revenues, recover valuable by-products, create employment opportunities and strengthen the country’s position as a major gold refining centre in Africa.
He explained that refining gold locally would allow Ghana to retain refining fees that were previously paid to refineries in countries such as Dubai, India and Switzerland.
“What this means is that the refining fees that used to leave Ghana will now remain in the Ghanaian economy,” he stated. “Jobs will be created here, technical expertise will grow here, and value retention will improve.”
The Ghana Gold Board CEO further indicated that the initiative would support the country’s push toward securing London Bullion Market Association (LBMA) accreditation for local refineries, a move expected to improve Ghana’s competitiveness in the global bullion market.
Governor of the Bank of Ghana, Dr. Johnson Asiama, who also addressed the ceremony, described local processing of Ghana’s natural resources as a long-overdue national strategy.
“It has taken too long for us to get to this stage,” he said. “Not just gold, but cocoa and oil as well. If we process these resources locally, we will experience significant economic transformation.”
Dr. Asiama said the central bank would continue to support efforts aimed at increasing local refining capacity, stressing that greater processing of gold would create jobs, increase state revenue and strengthen oversight across the mineral value chain.
He revealed that the Bank of Ghana still holds a minority stake in the refinery to help monitor and support the process.
Managing Director of Royal Ghana Gold Refinery, Eric Frimpong, assured the government that the refinery is prepared to begin operations immediately.
He said the company’s goal is to refine Ghanaian gold to internationally accepted standards and eventually achieve LBMA accreditation.
“Ghana has exported raw gold for centuries,” he said. “It is about time we take our destiny into our own hands and add value to what we produce here.”
Mr. Frimpong also pledged the refinery’s support for the government’s proposed 24-hour economy policy, saying the facility would operate continuously to maximise production and employment opportunities for Ghanaian youth.
Officials at the ceremony indicated that the refinery could begin processing gold as early as next week, with the first bullion bars expected to be produced shortly after initial deliveries are made.
The agreement marks the latest attempt by Ghanaian authorities to reposition the country from a raw mineral exporter to a value-added mineral processing hub in West Africa. This is the second gold refinery agreement that has been signed by the GoldBod. The first was with Gold Coast Refinery.
The Bank of Ghana and Royal Ghana Gold Limited also expressed their commitment to supporting Ghana’s industrialisation and economic transformation agenda.
By Vera Owusu Sarpong