Ghana is set to discontinue the export of gold in its raw form as part of a major policy shift aimed at promoting value addition and protecting national revenue, the Ghana Gold Board (GoldBod) has announced.
The Chief Executive Officer of GoldBod, Sammy Gyamfi, disclosed the policy direction on Tuesday, January 20, during the signing of a gold refining agreement involving GoldBod, Gold Coast Refinery Limited, and its South African partner, Rand Refinery, in Accra.
According to Mr. Gyamfi, Ghana has for decades exported nearly all its gold in an unrefined state, leaving the country dependent on foreign refineries to determine the purity and true value of its mineral resources. He noted that this practice has often resulted in significant financial losses due to undervaluation and expensive offshore refining charges.
Describing the newly signed agreement as a turning point, Mr. Gyamfi said, “Ghana will no longer export gold in raw form. It makes no sense for a country with a functional and strategic refinery to continue exporting gold without adding value.”
Under the agreement, up to one metric tonne of gold will be refined locally each week at the Gold Coast Refinery, beginning February 1, 2026. The refinery, commissioned in 2016, will operate on a 24-hour basis in line with the government’s 24-hour economy agenda.
Mr. Gyamfi explained that local refining will allow Ghana to independently and accurately determine the purity and market value of its gold using internationally recognised fire assay methods.
“We will no longer rely on refineries outside our borders to tell us the worth of our own gold,” he added.
The agreement also grants Ghana a 15 percent free carried interest in the Gold Coast Refinery and is expected to create jobs, increase tax revenues, reduce foreign exchange losses, and strengthen traceability across the gold value chain.
GoldBod said the initiative will further promote responsible mining practices and position Ghana as a leading gold refining hub in the sub-region.
