Nat’l Tymes News Desk
GHANA has recorded a major breakthrough in its gold sector following the signing of a gold refining agreement between the Ghana Gold Board (GoldBod) and Gold Coast Refinery Company Limited, a deal expected to boost local value addition and create jobs.
The agreement, signed in Accra, is the first local gold refining arrangement between the Government of Ghana and a Ghanaian-owned refinery. It forms part of efforts to strengthen the country’s gold value chain and reduce dependence on foreign refineries.
Speaking at the ceremony, Chief Executive Officer of GoldBod, Lawyer Sammy Gyamfi, described the deal as historic. He said the agreement will allow Ghana to retain millions of dollars in refining charges that were previously paid to refineries outside the country.
Lawyer Gyamfi explained that the refinery will operate on a 24-hour basis, creating both direct and indirect employment opportunities. He added that the deal will also increase government tax revenues and reduce losses caused by gold undervaluation and low purity during export.
The agreement is expected to ensure a steady supply of refined gold and silver for local jewellers, helping to grow Ghana’s jewellery industry. It will also position the country to achieve London Bullion Market Association (LBMA) certification, a key requirement for international gold trading.
According to GoldBod, the deal will improve the credibility of Ghana’s gold exports and support the formalisation of artisanal and small-scale mining by promoting traceability and transparency in gold production.
Industry players believe the agreement marks a decisive step toward local value addition, job creation, and higher earnings from Ghana’s gold resources, reinforcing the country’s position as Africa’s leading gold producer.
Source: NationalTymes.com
