GoldBod signs deal with Gold Coast Refinery to keep value of gold in Ghana

The Ghana Gold Board, GoldBod, has signed a landmark Gold Refining Agreement with Gold Coast Refinery Company Limited, a move aimed at keeping more value from the country’s gold within the local economy.

The agreement, signed in Accra, is the first time the Government of Ghana has entered into a formal local gold refining arrangement with a Ghana based refinery. Officials say it marks a major shift away from exporting raw gold for processing abroad.

Chief Executive Officer of GoldBod, Sammy Gyamfi, said the deal will allow Ghana to retain millions of dollars that would otherwise be paid as refining charges to foreign companies. According to him, the agreement will also create both direct and indirect jobs as the refinery operates on a twenty four hour basis.

He explained that refining gold locally will help increase government tax revenues, reduce losses caused by undervaluation and purity issues, and ensure a steady supply of refined gold and silver for local jewellers.

Mr Gyamfi added that the partnership positions Ghana to achieve London Bullion Market Association certification in the future, a step that would boost the credibility of Ghana’s gold exports on the international market. He also said the deal will strengthen the formalisation of artisanal and small scale mining and improve traceability across the gold value chain.

The agreement is being hailed as a decisive step toward local value addition, job creation and higher returns from Ghana’s most important mineral resource, as the country pushes to take greater control of its gold industry.