Ghana has commenced the local refining of gold purchased from the Artisanal and Small-Scale Mining (ASM) sector following the start of refinery operations by the Ghana Gold Board (GoldBod) in partnership with Gold Coast Refinery.

The milestone was marked by a tour of the Gold Coast Refinery by the Minister for Finance and Economic Planning, Dr. Cassiel Ato Forson, accompanied by the Chief Executive Officer of GoldBod, Sammy Gyamfi, Esq., as well as members of the GoldBod Board and management.

The visit follows a landmark agreement signed last month under which Gold Coast Refinery will refine all ASM gold purchased by GoldBod, with operations scheduled to begin in February.

Executive Chairman of Gold Coast Refinery, Dr. Said Deraz, led the delegation through the refinery’s full operational chain, demonstrating how raw gold supplied by GoldBod is processed and refined into bullion bars. He explained that the refinery has entered into a technical partnership with Rand Refinery—Africa’s only LBMA-accredited refinery—to ensure that Ghana’s ASM gold is refined locally to international standards.

Dr. Deraz outlined the various stages of production, including the crushing of raw gold into a mud-like state, heating and purification processes that convert it into granular form, and the use of a flameless tunnel furnace and other advanced systems to produce finished gold bars.

The delegation also inspected key facilities such as the assay laboratory, XRF laboratory, ICP-OES laboratory, melting room, gold dryer, incinerator, bar production section and the refinery’s vault.

At the bar production section, Dr. Forson was presented with finished gold bars bearing the official stamps of the Ghana Gold Board, Gold Coast Refinery, the Bank of Ghana and the Ghana Standards Authority.

According to Dr. Deraz, the refinery has the capacity to process up to two tonnes of gold per week, although the current agreement with GoldBod provides for the refining of one tonne weekly.

“These gold bars you see here are for the Ghana Gold Board. We are only service providers,” he noted.

Addressing the media, Dr. Forson congratulated GoldBod, Gold Coast Refinery and Rand Refinery on the commencement of local refining, describing it as the realization of President John Dramani Mahama’s long-held vision for Ghana to refine its own gold domestically.

He recalled that the Gold Coast Refinery was commissioned by President Mahama in 2016 but remained largely unused after his administration left office. According to him, the President’s desire to see the facility operate at full capacity informed government support for GoldBod’s decision to partner with the refinery and supply all ASM gold purchased for local refining.

The Finance Minister praised GoldBod’s performance since it began full operations in May 2025, citing tangible benefits already emerging from its mandate.

Dr. Forson disclosed that the refinery’s operations have created employment for about 162 Ghanaians and enabled the facility to operate on a 24-hour basis, in line with government’s 24-hour economy policy.

He expressed satisfaction that, for the first time in Ghana’s history, a state institution’s emblem is being stamped on locally refined gold bars.

The Minister further urged Gold Coast Refinery to work towards securing LBMA certification and encouraged GoldBod to establish a national assay laboratory before the end of the year, pledging his support for the initiative.

He also inspected bullion vans belonging to Gold Coast Refinery and commended the company for investing in logistics and security infrastructure to position Ghana as a major gold refining hub in Africa.