Africa’s top 10 gold refineries shaping the continent’s economic future
Thu Oct 16 2025
From established giants like South Africa’s Rand Refinery to new state-backed projects in Ghana, Uganda, and Mali, the continent is building a network of refineries aimed at processing its own gold rather than exporting raw ore.
As global demand for gold continues to climb, Africa is witnessing a surge in gold refining activity, a strategic shift aimed at keeping more value within the continent.
All across the continent, African governments are seeking to transform their mineral wealth from raw exports into refined assets that feed the global financial system. Yet this growth, while promising, has exposed deep political, economic, and environmental tensions across the region.
A Booming Industry Amid Rising Tensions
Africa holds nearly 30% of the world’s gold reserves and according to data from the World Gold Council, African countries produced a total of 979.2 metric tons of gold in 2022.
For decades, most of this output was shipped abroad for refining, depriving African economies of added value. That trend is now shifting, as new refineries in Ghana, Uganda, and Mali spearhead a wave of local beneficiation aimed at retaining more of the continent’s wealth within its borders.
Yet the boom has also intensified tensions. In Ghana, illegal mining fuels pollution and smuggling, while in the DRC and Great Lakes region, gold networks have been tied to armed groups.
Rwanda’s rise as a gold hub has likewise drawn scrutiny over alleged links to Congolese ore. Meanwhile, members of the Alliance of Sahel States (AES), Mali, Burkina Faso, and Niger, are asserting greater control of their mining sectors, arguing that foreign dominance has long deprived them of fair returns from their mineral wealth.
Geopolitics, Central Banks, and the New Gold Race
The geopolitical tug-of-war over Africa’s gold is intensifying. The United States, wary of growing Russian and Chinese involvement in the continent’s resource sector, has expanded partnerships and investment frameworks under the Mineral Security Partnership (MSP) to secure access to critical and strategic minerals, including gold.
U.S. influence is particularly evident in financing and compliance systems that determine which refineries can trade freely in global markets.
At the center of these global standards sits the London Bullion Market Association (LBMA), the world’s foremost authority for gold and silver refining.
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LBMA accreditation, known as Good Delivery status, certifies that a refinery produces bars meeting the highest standards of purity, weight, and ethical sourcing.
Without it, refineries often struggle to access major international markets or secure partnerships with global banks.
Gold’s importance, however, extends far beyond trade. As global currencies wobble under inflationary pressures and geopolitical risk, several African central banks, including those in Ghana, Nigeria, and South Africa, have increased their gold reserves.
For these institutions, gold is both a hedge and a statement of economic independence, representing stability amid a shifting global order.
Below is an overview of Africa’s top gold refineries and emerging projects, ranging from established global players to new regional hubs:
|
|
Refinery |
Country |
LBMA Good Delivery status |
|
1 |
Rand Refinery |
South Africa |
Yes — LBMA Good Delivery (and LBMA referee) |
|
2 |
Royal Ghana Gold Refinery |
Ghana |
Not currently LBMA-listed |
|
3 |
Gabonese Gold Refinery |
Gabon |
No LBMA listing |
|
4 |
Sudan National Gold Refinery |
Sudan |
No LBMA listing |
|
5 |
African Gold Refinery (AGR) |
Uganda |
Not LBMA-listed |
|
6 |
Mwanza Precious Metals Refinery |
Tanzania |
Not LBMA-listed |
|
7 |
Kalgold Refinery |
Tanzania |
Not LBMA-listed |
|
8 |
Goldex Refinery |
Uganda |
Not LBMA-listed |
|
9 |
MetCon Refinery |
South Africa |
Not LBMA-listed |
|
10 |
Senou Gold Refinery |
Mali |
Not LBMA-listed (under construction) |
Africa’s refining landscape remains uneven. Only one refinery - South Africa’s Rand Refinery, meets global LBMA Good Delivery standards, yet dozens of plants are emerging across the continent, reflecting a growing determination to control the gold value chain.
The inclusion of new state-led projects such as Mali’s Senou refinery reveals a broader political message: African countries are no longer content to be mere suppliers of raw minerals.
Whether this expansion delivers true economic independence or simply shifts dependency from West to East will depend on how governments balance sovereignty, transparency, and global integration in the years ahead.
Source: https://africa.businessinsider.com/