Ghana To Boost Gold Sector With Landmark Refinery Deal
Ghana is set to refine one metric tonne of gold weekly locally, marking a significant milestone in its quest to maximize value from its gold resources. The Ghana Gold Board (GoldBod) has signed a landmark agreement with Gold Coast Refinery and Rand Refinery to process gold locally, boosting the country’s gold sector.
Under the agreement, GoldBod will supply 1 metric tonne of gold per week to Gold Coast Refinery, leveraging existing capacity and retaining more value within the economy. “This partnership allows Ghana to harness its gold resources, aligning with President John Dramani Mahama’s vision for economic transformation,” said Sammy Gyamfi, CEO of GoldBod.
Ghana has secured a 15% equity stake in Gold Coast Refinery, ensuring direct ownership in the refining process. “Our refinery can produce gold with up to 99.999% purity, sourced from ethical and sustainable operations,” said Dr. Said Deraz, CEO and Chairman of Gold Coast Refinery.
Rand Refinery, a global leader in precious-metals refining, joins the partnership, emphasizing responsible and sustainable gold refining. “Sustainability requires collaboration; we encourage GoldBod to work with LBMA and OECD guidelines for global acceptance,” said Dean Subramanian, CEO of Rand Refinery.
The agreement has garnered high-level support, with Egypt’s Ambassador to Ghana, Wael Fathy, expressing confidence in Ghana’s stability and investment climate. “Ghana is a peaceful and sustainable country; I look forward to facilitating more Egyptian investments,” he said.
Deputy Minister for Lands and Natural Resources, Alhaji Yusif Sulemana, assured stakeholders of the ministry’s full support for sustainably mined gold supply. Dr. Kenneth Ashigbey, CEO of the Ghana Chamber of Mines, said the Chamber supports local refining, expecting LBMA certification for Ghanaian refineries.
Kojo Fynn, Board Chairman of GoldBod, called the agreement transformative, urging Gold Coast Refinery to benefit Ghanaians directly. “Employ more Ghanaians and train students in mining and refining disciplines,” he said.
Dignitaries at the ceremony included Deputy Majority Leader Ricketts Hagan and officials from Rand Refinery and Gold Coast Refinery. This deal marks a significant step in Ghana’s gold sector development, boosting economic growth and value addition.
