GoldBod signs agreement to refine gold locally

The Ghana Gold Board (GoldBod) has signed an agreement with Gold Coast Refinery Ltd to refine a tonne (1,000 kilogrammes) of gold each week. 

Under the agreement, Gold Coast Refinery will process gold doré (raw gold) supplied by GoldBod into refined bullion before export, marking a shift from the export of raw gold.

The initiative is expected to boost export earnings, create jobs, and support Ghana’s industrialisation agenda through increased local value addition.

Until now, almost all of Ghana’s gold have been shipped abroad in its raw state, with limited local beneficiation, in spite of having a gold refinery located in the country.

The new arrangement is expected to strengthen the domestic gold value chain and enhance export earnings.

The Chief Executive Officer (CEO) of GoldBod, Sammy Gyamfi, signed the agreement on behalf of the board, while the Chairman and CEO of Gold Coast Refinery, Dr Said Deraz, initialed it for the refinery.

Operational readiness

Speaking at the signing ceremony in Accra yesterday, Mr Gyamfi stated that the process began after a visit to assess the operational readiness and capacity of Gold Coast Refinery.

He explained that the assessment led to a set of recommendations aimed at improving efficiency and strengthening the refinery’s ability to deliver quality services to the government, all of which were being implemented. 

“So, we started off by commencing some technical consultancy to assess the operational readiness and capacity of the refinery.

“And that led to certain recommendations being made to the refinery to improve the operational capacity and enhance their capacity to be able to deliver quality services to the government of Ghana.

The refinery, I can confirm, is implementing all the recommendations we made,” he said.

Following this, he said GoldBod drafted a formal agreement with the refinery, which underwent scrutiny by both the Governing Board of the Gold Board and the sector minister.

“This agreement is going to ensure that up to one tonne, or 1,000 kilogrammes    of gold exported by the Ghana Gold Board will be refined here in Ghana every single week,” he said.

Strategic partnerships

Mr Gyamfi said the weekly refining arrangement would be scaled up gradually with the ultimate goal of achieving full local refining of all gold exported from the country.

He commended Gold Coast Refinery for its cooperation and resilience, stressing that the facility, commissioned in November 2016, had faced several operational challenges but remained committed to its Ghana project.

He explained thar the refinery’s persistence was critical to the progress achieved so far.

He added that a key highlight of the agreement was the involvement of Rand Refinery, which had been brought on board through Gold Coast Refinery to strengthen capacity and technical expertise.

Drive value addition

For his part, Dr Deraz stated that the refining agreement marked a significant shift in Ghana’s gold value chain, as Gold Coast Refinery was set to receive gold dore from the Ghana Gold Board and refine it into pure bullion before export.

“With this refining agreement, Gold Coast Refinery will receive gold dore (raw gold) from the Ghana Gold Board ( GoldBod) and refine to pure (Bullion) before export,” he said.

He explained that the move was intended to increase export earnings, enhance value addition and create employment opportunities, while advancing the country’s industrialisation agenda in line with the President’s vision for growth and development.

Dr Deraz said that the refinery was proud to contribute to this national objective by ensuring that Ghana derived greater economic benefits from its gold resources.

Commitment

The chairman stated that Gold Coast Refinery, together with its partner, Rand Refinery of South Africa, had committed fully to the partnership with GoldBod and would work closely with the board to deliver measurable and sustainable results.

He said the success of the agreement was expected to serve as a model for the sub-region, demonstrating the benefits of local beneficiation and responsible gold refining.

“We hope that our success will serve as a model for the sub-region and beyond,” he added.