The Ghana Gold Board (GoldBod) says its decision to refine part of its gold purchases locally is generating economic benefits by retaining refining revenues in Ghana and supporting employment in the country’s gold processing industry.
Chief Executive Officer Sammy Gyamfi disclosed that 7.1 metric tonnes of gold acquired by GoldBod in 2026 have been refined by local refineries, describing the move as a significant step toward strengthening Ghana’s value addition in the gold sector.
Speaking during a Space conversation on X on Sunday, August 9, 2026, Mr Gyamfi said the local refining initiative was helping to keep revenues that would otherwise have been paid to foreign refining centres.
“The refining fees that would have ended up in Dubai, India, Hong Kong and other advanced countries stayed in Ghana, supporting job creation and supporting our economy,” he said.
He explained that although Ghana has refineries capable of producing high-purity gold, current domestic refining capacity is not sufficient to process all the gold purchased by GoldBod.
According to him, some local refineries can produce gold with purity levels of 99.9 percent, while others are capable of refining gold to even higher standards approaching 24-carat purity.
Mr Gyamfi identified Royal Gold and Gold Coast Refinery among the facilities with the capacity to produce internationally acceptable refined gold, including gold refined through electrolysis to achieve very high purity levels.
Despite these capabilities, he said GoldBod still exports some gold in refined form through international counterparties because local refining capacity remains constrained.
He disclosed that the two refineries currently working with GoldBod have a combined capacity to refine up to one metric tonne of gold per week when operating at full capacity.
However, GoldBod has adopted a gradual approach to increasing refining volumes to enable the facilities to build operational capacity and maintain consistency.
According to Mr Gyamfi, the programme began with refining volumes of 150 kilograms per day, which have since increased to 200 kilograms daily, with plans to raise output to 300 kilograms per day.
He said the gradual expansion strategy is intended to strengthen the local refining industry while ensuring that Ghana progressively captures a greater share of the value generated from its gold resources.
The GoldBod CEO added that expanding domestic refining capacity remains a key objective, as increased local processing would create more jobs, stimulate industrial activity and improve the country’s ability to retain foreign exchange earnings from the gold sector.
