GoldBod to Start Local Refining in October, 2025- Sammy Gyamfi

The Ghana Gold Board will begin GoldBod local refining from October 2025. This forms a new partnership with the Bank of Ghana and local refineries. The CEO of the Gold Board, Sammy Gyamfi, announced this at the first Mining and Minerals Convention in Accra on Tuesday, September 9. He said the decision is part of a broader effort to boost value addition in the gold sector. It will, furthermore, improve Ghana’s economic resilience. “It is a national shame that, as a long-standing continental leader in production, Ghana continues to export raw gold (doré) instead of bullion,” Gyamfi stated. He leads the Ghana Gold Board. He is, consequently, determined to change this narrative as a matter of urgency.

The Gold Board, therefore, is partnering with local refineries like the Gold Coast Refinery. This partnership is part of President Mahama’s “reset agenda.” Together, they will begin the local refining of gold purchased and exported by the Gold Board. This will begin next month, October 2025. Ghana currently exports most of its gold as doré, a semi-pure form that requires additional processing. The new domestic refining initiative aims to retain higher revenues while creating employment and developing downstream industries. Gyamfi also noted that the Gold Board has begun local gold purchases from large-scale mining companies. He supplies part of this to the Bank of Ghana to boost the country’s reserves. This effort also supports foreign exchange stability. Ultimately, this GoldBod local refining initiative marks a significant step toward Ghana’s goal of moving beyond raw material exports to a more industrialized, value-added economy. In addition, the initiative promotes better traceability and transparency within the gold trading sector, strengthening Ghana’s position in the global market.