The Ghana Gold Board has signed a Memorandum of Understanding (MOU) with Gold Coast Refinery, paving the way for large-scale local gold refining to begin on February 1, 2026—a major milestone in Ghana’s drive to add value to its mineral resources.
Under the agreement, Gold Coast Refinery will refine gold supplied by the Gold Board, starting with one metric ton per week. The refinery is equipped to process doré gold with a minimum acceptable purity of 89.5% and can produce refined gold at three nines (99.9%), four nines (99.99%), and up to five nines (99.999%) purity, meeting the highest international export standards.
Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, described the partnership as a bold demonstration of Ghana’s commitment to owning and controlling its gold value chain. “We are leading by example. From February 1, 2026, we will begin refining one metric ton of gold every week. We own the gold, we control the process, and we intend to scale up,” he said.
A key feature of the MOU is the introduction of a national hallmarking system. Every ounce of gold refined and exported under the arrangement will bear a hallmark featuring the emblems of the Gold Coast Refinery, Ghana Gold Board, Ghana Standards Authority, and the Bank of Ghana, reinforcing traceability, quality assurance, and credibility in global markets.
The agreement also reflects Ghana’s equity stake in the project. The Republic of Ghana holds a 15% free-carried interest in Gold Coast Refinery, managed by the Ghana Gold Board—an arrangement that underscores the country’s long-term strategic interest in responsible gold sourcing and sustainability.
Chairman and CEO of Gold Coast Refinery, Dr. Said Deraz, hailed the partnership as a landmark moment for Ghana’s industrial and economic transformation. Quoting former President John Dramani Mahama, he said, “The wallet is changing, and Africa is rising,” noting that Ghana is steadily advancing toward economic independence through value addition.
Guided by this vision and national initiatives such as the 24-hour economy framework, Dr. Deraz reaffirmed the refinery’s mission:
“Our goal was to build a world-class gold refinery in Accra, and we are proud to say that we have achieved that.”
Completed in 2016, Gold Coast Refinery meets international standards and has the capacity to process up to 100 metric tons of gold annually.
The facility holds all required operational licenses, Responsible Gold Certification (RGC), and ISO certifications, and is actively pursuing London Bullion Market Association (LBMA) accreditation.
Its services include assaying, refining, casting, and ethical sourcing.
Dr. Deraz also announced a technical partnership with Rand Refinery (RAN) of South Africa, the country’s only LBMA-accredited gold refinery, describing the collaboration as a boost to operational excellence and global best practices.
By Sampson Kumah Ifeetwube Elvis
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