Ghana is set to commence the local refining of one metric tonne of gold each week from February 1, 2026, following the signing of a major agreement between the Ghana Gold Board and Gold Coast Refinery Limited, in a move designed to deepen value addition in the country’s gold sector.

The initiative marks a strategic shift away from the long-standing practice of exporting gold in its raw state, with government officials indicating that the policy will help maximise export earnings while keeping refining revenues within the domestic economy.

At the signing ceremony held on Tuesday, January 20, Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, described the agreement as a watershed moment in Ghana’s approach to managing its mineral resources.

“Today marks a turning point. This is a transformative agreement that will redefine how Ghana manages its gold resources, particularly in terms of value addition and full optimisation of our mineral wealth,” he said.

Under the arrangement, up to 1,000 kilogrammes of gold exported by the Gold Board will be refined locally every week, with a clear plan to progressively increase volumes until Ghana achieves near-total local refining of its gold exports.

Mr Gyamfi explained that the policy direction was driven by the vision of President John Mahama, who had tasked the Gold Board with moving the country beyond raw extraction towards higher-value processing.

“The President’s directive was unequivocal: Ghana must transition from being merely an extractor of resources to a country that captures full value through refining and value addition,” he noted.

As part of the agreement, the Republic of Ghana will acquire a 15 per cent free carried interest in Gold Coast Refinery, held on behalf of the state by the Ghana Gold Board, effectively making the government a part-owner of the facility.

Mr Gyamfi emphasised that the refinery should no longer be viewed as an external contractor.

“This refinery is not a third party to us. Through this agreement, Gold Coast Refinery becomes part of Ghana’s gold value chain in which the state has a direct stake,” he said.

He revealed that the decision to prioritise local refining followed concerns that the country’s largest refinery had been operating well below capacity, despite the fact that nearly all gold exports continued to leave Ghana in an unrefined state.

“It is deeply worrying that about 99.9 per cent of the gold we export leaves this country in its raw form, even when we have the capacity to refine locally,” he added.

The refined gold is expected to meet a minimum purity of 99.5 per cent, with the refinery capable of achieving even higher international standards as operations expand.

To enhance technical expertise and global market access, the partnership will also involve Rand Refinery of South Africa, Africa’s only refinery accredited by the London Bullion Market Association (LBMA), as Ghana works towards securing its own LBMA accreditation.

Officials say the agreement will not only improve export value but also retain millions of dollars in refining fees locally, support round-the-clock refinery operations, create employment opportunities, and increase tax and dividend revenues for the state.