The Ghana Gold Board has signed a Memorandum of Understanding (MOU) with Gold Coast Refinery, marking a significant step towards local gold refining starting from 1st February 2026.
The refinery meets a minimum purity of 89.5% and is capable of delivering up to five nines purity, making it top-notch for export standards.The facility is capable of delivering three nines, four nines, and even five nines purity, making it top-notch for export standards.
According to Sammy Gyamfi, CEO of Gold Board, a key highlight of the agreement is that every ounce of gold refined and exported will bear a hallmark featuring the Refinery, Ghana Gold Board, Ghana Standards Authority, and Bank of Ghana emblems.
“We’re leading by example – starting with refining one metric ton of gold weekly from February 1, 2026. We own, control, and want to scale up,” he said.
Notably, the Republic of Ghana holds a 15% free-carried interest in the refinery, managed by the Ghana Gold Board. This partnership marks a significant step towards responsible gold sourcing and sustainability in Ghana.
Dr. Said Dr. Deraz, Chairman and CEO of Gold Coast Refinery, hailed the partnership with Ghana Gold Board as a significant milestone. He referenced President John Dramani Mahama’s statement, “The wallet is changing, and Africa is rising,” highlighting Ghana’s progress towards economic independence.
Guided by this vision and initiatives like the 24-hour economy framework, Ghana is advancing towards a strong, confident nation. Dr. Deraz said, “Our goal was to build a world-class gold refinery in Accra, and we’re proud to say we’ve achieved that.”
The Gold Coast Refinery, completed in 2016, meets international standards, processing up to 100 metric tons of gold yearly with high purity levels. It holds necessary licenses, RGC certification, ISO certifications, and is pursuing London Bullion Market Association accreditation.
Services include assaying, refining, casting, and ethical sourcing. Dr. Deraz announced a partnership with RAN Refinery, South Africa’s only LBMA-accredited refinery, welcoming their team.
Report by Bernard K Dadzie Greater Accra
