Ghana moves to stop raw gold export as new refinery deal targets jobs and billions in lost revenue

Tue May 26 2026

The Ghana Gold Board on Monday, May 25, 2026, signed a gold-refining deal with Royal Ghana Gold Refinery, which authorities described as part of a broader national push to transform the country from a raw mineral exporter into a value-added processing hub in West Africa.

For decades, one of Africa’s largest gold producers exported most of its bullion in raw form, allowing foreign refineries in countries such as the United Arab Emirates, India and Switzerland to capture much of the downstream value from Ghana’s mineral wealth.

Officials now say that the model has cost the country jobs, technical expertise and significant refining revenue.

“When we took office on January 7, 2025, Ghana did not have any functioning gold refinery refining gold locally for export,” Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, said during the signing ceremony.

“All the gold we produced was exported in raw form, and that narrative must change,” he added.

Under the new agreement, Royal Ghana Gold Refinery will be authorised to refine up to 1 metric ton of gold per week, depending on operational capacity. The initiative is expected to focus heavily on gold sourced from Ghana’s small-scale mining sector, which accounts for a significant share of the country’s production.

The Ghana Gold Board disclosed that it currently purchases an average of 2.5 metric tons of gold per week, with support from the Bank of Ghana, and is negotiating with large-scale mining firms to acquire up to 30% of their output for local refining.  The move comes as resource-rich African countries increasingly push to process minerals domestically rather than export raw commodities, which offer limited local economic benefit.

Gyamfi said refining gold locally would allow Ghana to keep refining fees that previously left the country while also supporting industrial growth and employment.  “What this means is that the refining fees that used to leave Ghana will now remain in the Ghanaian economy. Jobs will be created here, technical expertise will grow here, and value retention will improve,” he said.

The government is also seeking London Bullion Market Association accreditation for local refineries, a move officials believe could strengthen Ghana’s position in global bullion markets and improve international confidence in locally refined gold.  Governor of the Bank of Ghana, Dr Johnson Asiama, described the initiative as a long-overdue strategy that could reshape the country’s economy if successfully implemented.

“It has taken too long for us to get to this stage. Not just gold, but cocoa and oil as well. If we process these resources locally, we will experience significant economic transformation,” he said.  Royal Ghana Gold Refinery Managing Director Eric Frimpong said the company was prepared to begin operations immediately, with the first bullion bars expected shortly after initial deliveries arrive next week.

“Ghana has exported raw gold for centuries. It is about time we take our destiny into our own hands and add value to what we produce here,” he said.

Source: https://africa.businessinsider.com/