GoldBod buys 1.8 tonnes of raw gold from large-scale miners for local refining

Tue Oct 20 2026

The Ghana Gold Board (GoldBod) has purchased 1.8 tonnes of unrefined gold from large-scale mining companies in the past two months as part of efforts to strengthen local refining and increase the country’s gold reserves.

The Chief Executive Officer of GoldBod, Sammy Gyamfi, said the board had begun buying gold directly from large-scale miners in Ghana instead of purchasing the refined product from them after it had been processed abroad.

Speaking in an interview with Bernard Avle at the Mining in Motion Conference on Tuesday, October 20, Sammy Gyamfi said the initiative would allow more gold produced in the country to be refined locally before being added to the national reserves.

“Now we are buying. We started buying two months ago and so far we’ve bought 1.8 tons from large-scale mining companies, and we buy that in raw form in Ghana. We refine it locally and we add it to the reserves,” he said.

He explained that the gold acquired from the mining companies undergoes local refining before being sent to a London Bullion Market Association (LBMA)-accredited refinery for smelting and stamping ahead of its addition to the country’s reserves.

The initiative, he said, builds on progress made in refining gold from the artisanal and small-scale mining sector, where local refining has reached 95% in October.

However, Mr Gyamfi identified the high cost of doing business as a major challenge facing local refineries, stressing that a favourable business environment would be necessary to sustain and expand the sector’s capacity.

Source: https://www.citinewsroom.com