GoldBod partners BoG, local refineries to add value to Ghana’s minerals
“National Shame” Ends as Ghana Moves to Refine Gold Domestically - Sammy Gyamfi declares
Elohim Nyame 
Ghana will commence the local refining of gold from October 2025, following a new partnership between the Ghana Gold Board (GoldBod), the Bank of Ghana (BoG), and local refineries.
The Chief Executive Officer of the Gold Board, Sammy Gyamfi, announced the move during the first Mining and Minerals Convention in Accra on Tuesday, September 9.
According to him, the initiative is a critical step in Ghana’s quest to boost value addition in the gold sector and strengthen the economy against external shocks.
“It is a national shame that, as a long-standing continental leader in production, Ghana continues to export doré, that is, raw gold instead of bullion,” Mr Gyamfi said. “The Ghana Gold Board, which I lead, is determined to change this narrative as a matter of urgency.”
He explained that the refining initiative is in line with President Mahama’s “reset agenda,” which prioritises building greater domestic control over strategic natural resources.
“As part of this agenda, the GoldBod, in conjunction with the BoG, is partnering with local refineries such as the Gold Coast Refinery to begin the local refining of gold purchased and exported by the GoldBod, and this will begin next month, October 2025,” he stated.
Industry stakeholders have long criticised Ghana’s over-reliance on exporting raw gold, noting that the practice deprives the country of significant revenue and employment opportunities. By refining domestically, Ghana expects to retain more value from its mineral resources, enhance foreign exchange earnings, and create new jobs in the mining value chain.
The convention brought together policymakers, investors, and industry experts to deliberate on how best to leverage Ghana’s mineral wealth for sustainable economic development. The announcement was met with optimism, with participants stressing that successful implementation would mark a historic shift in Ghana’s resource management.
If realised, the project will position Ghana as a refined gold hub in West Africa, while reducing dependence on foreign refineries and boosting investor confidence in the country’s mining sector.
