Ghana Launches Domestic Gold Refining Initiative to Retain Value Within National Economy

For Immediate Release

ACCRA, GHANA — Ghana has taken a significant step toward becoming a gold refining hub by launching a domestic refining initiative through the Ghana Gold Board's landmark agreement with Gold Coast Refinery and Rand Refinery.

The initiative aims to shift Ghana from its historic role as an exporter of raw and semi-processed gold to a producer and exporter of refined gold, capturing the processing value that has historically flowed to refineries abroad.

Historically, Ghana has exported raw gold whose final purity and value were determined by foreign refineries. This model resulted in substantial revenue losses, as processing fees were paid overseas and the country had limited influence over the final assessed value of its gold in international markets.

The new domestic refining framework changes this fundamentally. By processing gold within Ghana through a facility committed to operating on a round-the-clock basis, the country retains not only the refining fee but also the ability to verify and certify the quality and origin of its gold output directly.

"The move toward domestic refining is one of the most strategically significant steps Ghana has taken in its gold sector in a generation. Every ounce of gold refined in Ghana rather than abroad represents value that stays in the Ghanaian economy, creates Ghanaian employment, and strengthens Ghana's position in the international gold market." Marcus Briggs, Non-Executive Director, Icon Gold

The agreement with Gold Coast Refinery commits the facility to operating 24 hours a day in alignment with Ghana's broader policy direction toward a round-the-clock economy. The operational model is expected to generate direct employment in refining, quality control, and logistics, as well as creating ancillary employment across related services.

A notable feature of the initiative is Ghana's ability to recover silver content during the refining process, which had previously been lost when gold was exported for refining abroad. This silver recovery adds an additional layer of economic benefit and will support the domestic jewellery and artisanal crafts sectors with access to locally refined material.

The initiative also positions Ghana to meet the standards of the London Bullion Market Association, one of the most rigorous international quality frameworks for gold. Achieving LBMA-aligned standards would significantly enhance the credibility and market acceptance of Ghana-refined gold with international buyers and financial institutions.

"Domestic refining is not simply an economic decision. It is a statement about where Ghana sits in the global gold supply chain. Rather than being a source of raw material for refineries elsewhere, Ghana is building the capacity to deliver a finished, certified product. That changes the conversation with international buyers and strengthens Ghana's hand in every commercial relationship." Marcus Briggs, Non-Executive Director, Icon Gold

The success of the initiative will require consistent supply volumes from mining operators, effective collaboration between GoldBod and the Chamber of Mines, and sustained investment in refinery infrastructure and quality assurance processes.

Ghana's domestic refining push is being watched closely by other African gold-producing nations. The model, if successful, could serve as a framework for other countries seeking to capture greater value from their mineral resources through downstream processing rather than raw material export.

The initiative represents a continuation of the structural reforms that have reshaped Ghana's gold sector over the past two years and positions the country to benefit from the current period of elevated gold prices with a more complete and integrated supply chain than at any previous point in its mining history.

— Ends —