A gold refinery agreement has been signed by Royal Ghana Gold Limited and the Ghana Gold Board (GoldBod).
GoldBod will provide Royal Ghana Gold Limited with up to one metric tonne of gold per week for refinery as per the agreement.
After a prior arrangement with Gold Coast Refinery, the contract, which is part of a mineral value addition strategy, is the GoldDod’s second significant refinery cooperation.
The CEO of GoldBod, Sammy Gyamfi, stated at the signing event on Monday, May 25, 2026, that by 2030, all natural resources extracted in Ghana would be locally refined before being exported.
According to Mr. Gyamfi, GoldBod has been entrusted with spearheading the government’s plan to stop exporting raw minerals before the decade is up.
“Our marching orders from the President have been very clear from day one: we must change the narrative of Ghana’s continuous export of raw minerals,” he said.
He stated that when the current administration took office in January 2025, Ghana was unable to refine its own gold.
“When we took office on January 7, 2025, Ghana did not have the capacity to refine gold locally. All gold produced from both the large-scale and small-scale sectors was exported in its raw state,” he said.
He said the state of affairs is intolerable for a nation known across the world for producing gold.
“It is a tragedy that as a mining nation, we did not possess the capacity to refine the minerals we produce locally to ensure value addition and local value retention,” he added.
Dr. Johnson Asiamah, the governor of the Bank of Ghana, stated that if the nation added value to its natural resources, its balance of payments would significantly improve.
According to him, adding value to the nation’s natural resources will significantly improve its balance of payments.
Dr. Asiama stated that value addition was long overdue for all natural resources, including gold, oil, and cocoa. He emphasised that value addition brought significant advantages, such as increased revenue and the creation of jobs.
He also reiterated the central bank’s support for the project and praised the collaboration.
The Bank of Ghana owns a minority share in Royal Ghana Gold Refinery Limited, according to Dr. Asiama, who clarified that the investment was made mainly to assist Ghana’s larger gold value addition program and improve regulatory control.
In order to enhance revenues from Ghana’s gold resources while boosting the nation’s reserve accumulation and economic stability, he characterised the deal as a strategic intervention.
According to Eric Frimpong, CEO of Royal Ghana Gold Refinery Limited, the refinery will support the government’s 24-hour economy initiative in order to provide more job possibilities.
He thanked President Mahama, Dr. Cassiel Ato Forson, the Finance Minister, the Bank of Ghana, and the GoldBod for their support and faith in the refinery.
Mr Frimpong assured that the refinery had the technical capacity, modern equipment, and human resource base to run continuously and maximise refining production while also supporting Ghana’s industrial transformation goal.
According to him, the company’s long-term goal is to obtain London Bullion Market Association (LBMA) accreditation and position Ghana competitively in the global refining sector.
Source: newsthemegh.com