Ghana to Refine 1 Tonne of Gold Weekly Starting 2026

For decades, Ghana has watched nearly all of its gold leave the country unrefined, sending profits to refineries abroad even as one of Africa's largest refining facilities sat idle at home.

That's about to change. On January 20, the Ghana Gold Board and Gold Coast Refinery Limited signed an agreement to refine 1,000 kilograms of gold weekly starting February 1, 2026. The deal marks the first major step in keeping value and jobs inside Ghana's borders.

"Today marks a turning point," said Sammy Gyamfi, CEO of the Ghana Gold Board. "Ghana must transition from being merely an extractor of resources to a country that captures full value through refining and value addition."

The numbers tell a striking story. About 99.9% of Ghana's gold currently leaves the country in raw form, even though local refining capacity sits underused. That means millions of dollars in refining fees go overseas instead of supporting Ghanaian workers and businesses.

Under the new agreement, the Republic of Ghana will acquire a 15% ownership stake in Gold Coast Refinery. The government isn't just contracting with the facility anymore. It's becoming a part owner with direct financial interest in the operation's success.

The refinery will process gold to at least 99.5% purity, with capacity to meet even higher international standards. To boost technical expertise and global credibility, Ghana is partnering with South Africa's Rand Refinery, the only African refinery accredited by the prestigious London Bullion Market Association.

President John Mahama personally directed the initiative, challenging the Gold Board to move beyond raw extraction. His vision focuses on capturing the full economic value of Ghana's natural resources rather than shipping them away for others to profit from.

The plan starts with one tonne weekly but includes clear goals to progressively increase volumes. Officials aim for Ghana to eventually refine nearly all of its gold exports domestically.

The Ripple Effect

The agreement promises benefits that extend far beyond the refinery walls. Keeping refining operations local means round-the-clock jobs for Ghanaian workers and technical training in specialized skills. The government will collect new tax revenues and dividends from its ownership stake.

More importantly, the model offers a blueprint for other African nations rich in natural resources but poor in value addition. When countries process their own materials instead of exporting them raw, they multiply the economic benefits of every ounce extracted.

Ghana's largest refinery will finally operate near capacity, putting existing infrastructure to productive use. The partnership with South Africa's accredited refinery creates a pathway for Ghana to earn its own London Bullion Market Association accreditation, opening doors to premium international markets.

Local businesses will benefit too, as the refinery's expanded operations create demand for supplies, services, and support industries. Communities near the facility can expect new employment opportunities and economic activity.

Ghana is proving that resource-rich nations don't have to choose between exporting their wealth and building their economies.