Ghana Now Refines Its Own Gold Into Bullion Bars

Ghana just stamped its own emblem on gold refined within its borders for the first time in the nation's history. The milestone came after Ghana Gold Board partnered with Gold Coast Refinery to process gold from small-scale miners into internationally recognized bullion bars, right in Accra.

Finance Minister Dr. Cassiel Ato Forson toured the refinery facility in February 2026 and watched raw gold transform into finished bars bearing official stamps from Ghana's government institutions. The partnership fulfills a vision that started a decade ago when the refinery was first commissioned in 2016.

Gold Coast Refinery can process up to two tonnes of gold weekly, though the current agreement starts with one tonne. The facility operates 24 hours a day and has partnered with South Africa's Rand Refinery, Africa's only globally accredited gold refinery, to ensure Ghana's gold meets international standards.

Dr. Said Deraz, the refinery's Executive Chairman, walked the delegation through every production stage. They observed crushing, heating, purification, melting, and bar production, plus specialized laboratories and security vaults that protect the precious metal throughout processing.

The refinery now runs continuously with modern equipment including a flameless tunnel furnace and advanced security systems. Workers produce gold bars that meet global market standards while keeping the entire value chain inside Ghana's borders.

The Ripple Effect

The local refining initiative has already created 162 direct jobs since operations began in earnest. Small-scale miners who previously had limited options now have a reliable domestic buyer through Ghana Gold Board, which was established specifically to purchase their gold and curb smuggling.

The economic benefits extend beyond employment numbers. Ghana previously sent its raw gold overseas for refining, losing both jobs and revenue to foreign facilities. Now that value stays home, strengthening Ghana's position as a major gold hub in West Africa.

The government is pushing for even more progress. Minister Forson urged the refinery to pursue London Bullion Market Association certification, the gold standard for international trading. He also encouraged Ghana Gold Board to establish a national assay laboratory by year's end, which would give Ghana full capacity to determine gold purity and value domestically.

The partnership represents practical industrial policy in action. A facility that sat underutilized for years now operates at capacity, turning Ghana's mineral wealth into local jobs and national revenue while small-scale miners gain legitimate market access.

Ghana's gold is finally coming home in more ways than one.