Story by, Paul Mensah Nsor
Accra, Ghana — Ghana Gold Board today signed a landmark agreement with Gold Coast Refinery and Run Refinery that will see a minimum of one metric ton of gold refined domestically each week, starting February 1, 2026.
Sammy Gyamfi, CEO of the Ghana Gold Board, described the agreement as a “groundbreaking” step to stop the routine export of raw gold and retain millions of dollars in refining fees and related economic benefits within Ghana. The deal includes technical support from Run Refinery, the only LBMA-accredited refinery in Africa, to build Gold Coast Refinery’s capacity and help it achieve LBMA accreditation.
Under the agreement, up to 1,000 kilograms of gold exported by the Ghana Gold Board each week will be refined locally, with plans to incrementally ramp up volumes subject to capacity. Gold bars refined for export will bear a hallmark featuring Gold Coast Refinery, the Ghana Gold Board, the Ghana Standards Authority, and the Bank of Ghana.
Gyamfi said the government had discovered severe underutilization and operational shortcomings during a review of Gold Coast Refinery and subsequently implemented technical consultancy recommendations now being acted upon. He emphasized that local refining will reduce purity losses and under-valuation that have historically cost Ghana significant revenue when final assays were conducted abroad.
The government also secured a 15% free-carried interest in Gold Coast Refinery, a stake Gyamfi said will be held on behalf of the Republic of Ghana. The refinery has committed to 24/7 operations in line with the government’s 24-hour economy policy, a move expected to create direct and indirect jobs and boost tax revenues.
The agreement places strong emphasis on sustainability and traceability. Run Refinery’s participation is conditioned on strict adherence to OECD and LBMA responsible sourcing guidelines, and the Ghana Gold Board will launch a track-and-trace system to verify responsible sourcing — with formalization of artisanal and small-scale mining (ASM) cited as urgent and necessary.
Additional benefits cited include improved ability to perform certified fire assays before and after refining to establish accurate purity and value claims, and the possibility of recovering and retaining silver for local fabrication and jewelers. The Ghana Gold Board says the reform will help curb the export of unrefined large-scale gold and encourages greater cooperation with the Chamber of Mines to integrate large-scale producers into domestic refining arrangements.
Sammy Gyamfi concluded by thanking the President, the sector minister, and the governing board and reaffirmed the government’s commitment to translate the agreement into action, promising regular delivery of refined gold to Gold Coast Refinery and continued oversight of implementation.
