The landmark agreement between the Ghana Gold Board and Gold Coast Refinery could transform Ghana’s gold exports, boosting domestic value addition and reducing vulnerability to commodity price swings, EM Advisory reports.

Under the deal, the refinery will process one metric tonne of gold weekly, converting doré into 99.5% pure bullion before export. Ghana also secures a 15% free carried interest, allowing the country to capture more revenue locally.

The analysts note that this marks a decisive shift from the long-standing practice of exporting raw gold at low margins.

The advisory warns that Ghana’s overreliance on gold, which now represents 62% of export earnings, leaves the economy exposed to price volatility.

“Refined gold commands better prices and more stable margins than raw doré, reducing exposure to undervaluation and global shocks,” EM Advisory said.

The initiative is expected to retain millions of dollars currently paid for refining overseas, strengthen the domestic economy, and enhance fiscal sustainability.

They stress that the project must be scaled efficiently and monitored for compliance to realise its full potential.

“This is precisely the kind of structural shift that can insulate Ghana from boom-bust commodity cycles,” the report said.

If successful, the programme could set a precedent for other export commodities, promoting local processing, job creation, and industrialisation.

EM Advisory concluded: “Ghana must seize this opportunity to modernise its gold sector and capture more value domestically in 2026.”