GoldBod signs gold refinery agreement with BoG's Royal Ghana Gold Limited
The Ghana Gold Board (GoldBod) has signed a gold refinery agreement with Royal Ghana Gold Limited.
Under the agreement, GoldBod will supply up to one metric tonne of gold to Royal Ghana Gold Limited every week for refinery.
The deal, which forms part of a mineral value addition agenda, is the second major refinery partnership by the GoldDod, following an earlier agreement with Gold Coast Refinery.
Speaking at the signing ceremony on Monday (May 25, 2026), the CEO of GoldBod, Sammy Gyamfi the plan was to ensure that by 2030, all mineral resources mined in Ghana would be refined locally before export.
Mr Gyamfi said GoldBod has been tasked with leading government's strategy to end raw mineral exports before the end of the decade.
"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 said Ghana previously lacked the capacity to refine its own gold when the current administration assumed office in January 2025.
"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 described the situation as unacceptable for a country globally recognised for its gold production.
"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.
The Governor of the Bank of Ghana, Dr Johnson Asiamah, said there would be significant improvement in the country’s balance of payments if it undertook value addition of its natural resources.
He said value addition to the country’s natural resources would lead to significant improvement in the country’s balance of payments.
Dr Asiama said not only gold but all natural resources, including oil and cocoa, were long overdue for value addition, stressing that value addition offered enormous benefits in job creation, higher revenue among other benefits.
He also commended the partnership and reaffirmed the central bank’s support for the initiative.
Dr Asiama said the Bank of Ghana has a minority stake in Royal Ghana Gold Refinery Limited, explaining that the investment was primarily intended to strengthen regulatory oversight and support Ghana’s broader gold value addition agenda.
He described the agreement as a strategic intervention that aligned with national efforts to maximise returns from Ghana’s gold resources while enhancing the country’s reserve accumulation and economic stability.
The CEO of Royal Ghana Gold Refinery Limited, Eric Frimpong, said the refinery would align with the government’s 24-hour economy programme to generate more job opportunities.
He expressed appreciation to President Mahama, Finance Minister, Dr Cassiel Ato Forson, the Bank of Ghana and the GoldBod for their support and confidence in the refinery.
Mr Frimpong gave the assurance that the refinery possessed the technical capacity, modern equipment and human resource base required to operate continuously in order to maximise refining output and support Ghana’s industrial transformation agenda.
According to him, the company’s long-term ambition was to attain London Bullion Market Association (LBMA) accreditation and position Ghana competitively within the global refining industry.
