Ghana has officially commenced the local refining of gold purchased from the Artisanal and Small-Scale Mining (ASM) sector, following the launch of refinery operations by the Ghana Gold Board (GoldBod) in partnership with Gold Coast Refinery.
The milestone was marked by a tour of Gold Coast Refinery’s facilities by the Minister for Finance and Economic Planning, Dr. Cassiel Ato Forson, accompanied by the Chief Executive Officer of GoldBod, Sammy Gyamfi, Esq., and other board members.
The visit follows a landmark agreement signed last month, under which Gold Coast Refinery will refine all ASM gold procured by GoldBod, with operations officially starting this February.
During the tour, Gold Coast Refinery Executive Chairman Dr. Said Deraz guided the delegation through the refinery’s full operational chain, demonstrating how raw gold supplied by GoldBod is processed and refined into bullion bars.
Dr. Deraz explained that the refinery has partnered technically with Rand Refinery, Africa’s only LBMA-accredited refinery, to ensure that Ghana’s ASM gold meets international standards.
He walked the team through each stage of production—from crushing raw gold into a mud-like substance, heating and purification to create granular gold, to the use of a flameless tunnel furnace and other advanced systems to produce finished gold bars. Key facilities such as the assay laboratory, XRF and ICP-OES laboratories, melting room, gold dryer, incinerator, bar production section, and the refinery’s secure vault were also inspected.
At the bar production section, Dr. Forson was presented with finished gold bars bearing the official stamps of GoldBod, Gold Coast Refinery, the Bank of Ghana, and the Ghana Standards Authority. Dr. Deraz noted that while the refinery has the capacity to process up to two tonnes of gold weekly, the current agreement with GoldBod provides for one tonne per week. “These gold bars you see here are for the Ghana Gold Board. We are only service providers,” he said.
Addressing the media, Dr. Forson commended GoldBod, Gold Coast Refinery, and Rand Refinery for achieving the historic milestone, describing it as the fulfillment of President John Dramani Mahama’s long-standing vision for Ghana to refine its own gold. He recalled that Gold Coast Refinery was commissioned in 2016 under President Mahama’s administration but remained largely idle until now.
The Finance Minister praised GoldBod’s performance since commencing full operations in May 2025, highlighting the tangible benefits already emerging from its mandate. He revealed that the refinery has created employment for 162 Ghanaians and is now operating on a 24-hour schedule, in line with the government’s 24-hour economy initiative.
Dr. Forson also noted the historic significance of Ghanaian state emblems being stamped on locally refined gold bars for the first time. He urged Gold Coast Refinery to pursue LBMA certification and encouraged GoldBod to establish a national assay laboratory by year-end, pledging government support for the initiative.
In addition, the Finance Minister inspected bullion vans owned by Gold Coast Refinery, praising the company for investing in the logistics and security infrastructure required to position Ghana as a major gold refining hub in Africa.
