For centuries, Ghana dug gold from its earth and shipped it abroad in raw form, watching foreign refineries in the UAE, Switzerland and India pocket the processing profits. That era may finally be drawing to a close.
The Ghana Gold Board — known as GoldBod — on Monday signed a refining agreement with Royal Ghana Gold Refinery, its second such partnership this year following an earlier deal with Gold Coast Refinery, signalling a determined push by Accra to capture more value from the country’s most prized natural resource.
“When we took office on January 7, 2025, Ghana did not have any functioning gold refinery refining gold locally for export,” GoldBod Chief Executive Officer Sammy Gyamfi said at the signing ceremony. “All the gold we produced was exported in raw form, and that narrative must change,” he added.
Gyamfi reaffirmed President John Dramani Mahama’s vision of ensuring that by 2030, all minerals mined in Ghana are refined locally before export, describing the initiative as central to the government’s broader industrialisation agenda. “Our marching orders from the President have been very clear from day one: we must change the narrative of Ghana’s continuous export of raw minerals,” he said.
Under the agreement, Royal Ghana Gold Refinery will process up to one metric ton of gold per week, with a focus on output from Ghana’s small-scale mining sector. GoldBod currently purchases an average of 2.5 metric tons of gold weekly with support from the Bank of Ghana, and is negotiating to acquire up to 30 percent of large-scale miners’ output for local refining. The arrangement is also expected to minimise gold undervaluation, reduce purity losses, and provide a steady supply of refined gold and silver for local jewellers, while positioning Ghana for London Bullion Market Association certification.
Bank of Ghana Governor Dr Johnson Asiama said the central bank holds a minority stake in Royal Ghana Gold Refinery, an investment he described as primarily intended to strengthen regulatory oversight and support Ghana’s broader gold value addition agenda. He argued the country had waited too long to make this shift. “It has taken too long for us to get to this stage. Not just gold, but cocoa and oil as well. If we process these resources locally, we will experience significant economic transformation,” he said.
Gyamfi echoed that sentiment, stressing the direct economic benefit of keeping refining activity onshore. “What this means is that the refining fees that used to leave Ghana will now remain in the Ghanaian economy. Jobs will be created here, technical expertise will grow here, and value retention will improve,” he said.
Royal Ghana Gold Refinery Managing Director Eric Frimpong said his company was ready to begin operations immediately, with the first bullion bars expected shortly after initial deliveries arrive next week. “Ghana has exported raw gold for centuries. It is about time we take our destiny into our own hands and add value to what we produce here,” he said.
The deals come as resource-rich African nations increasingly resist the longstanding model of raw commodity exports, demanding instead that more of the economic benefit from their natural wealth stays within their borders.
By: Andrews Kwesi Yeboah