The Ghana Goldbod will from February 1 begin refining up to one metric tonne of gold every week locally, following a landmark agreement with Gold Coast Refinery Limited.

The arrangement, formalised through a Memorandum of Understanding signed in Accra on January 20, is aimed at deepening Ghana’s gold value chain, boosting local industry, and advancing the country’s industrialisation drive.

Chief Executive Officer of Goldbod, Sammy Gyamfi, said the agreement would significantly expand local refining capacity, create jobs, and increase tax and dividend revenues for the state.

Under the deal, all gold refined and exported by Gold Coast Refinery will carry hallmarks from GoldBod, the Ghana Standards Authority, the Bank of Ghana, and the refinery itself, reinforcing Ghana’s branding in the global gold market.

Mr Gyamfi explained that the agreement guarantees that up to one tonne of gold exported by GoldBod every week will be refined domestically, a move he said would retain millions of dollars previously paid to refineries in Dubai, India, Switzerland, Hong Kong, and other foreign destinations.

“We cannot continue refining our gold abroad while local refineries struggle. These refining charges must remain in our banking sector and economy,” he stressed.

Gold Coast Refinery will process gold sourced from small-scale mining operations, refining it to a minimum purity of 99.99 percent.

Chief Executive Officer of Gold Coast Refinery, Said Deraz, assured stakeholders that the company would deliver strong and measurable results under the partnership.