The Government of Ghana has secured a 15 percent free carried interest in Gold Coast Refinery Company Limited, marking a significant shift in the country’s strategy to maximise value from its gold resources.
The stake was announced by the Chief Executive Officer of the Ghana Gold Board (GoldBod), Mr. Sammy Gyamfi, Esq., during the signing of a landmark gold refining agreement between GoldBod and the refinery. Under the arrangement, the state becomes a shareholder in the refinery without making any financial contribution, while enjoying full ownership rights, including dividends.
Mr. Gyamfi explained that the equity acquisition makes Ghana a part-owner of the largest gold refinery in the sub-region, ensuring the country benefits directly from profits generated from refining its own gold.
“Ghana is no longer a stranger refining its gold here. That refinery is also ours,” he stated, describing the agreement as a strategic win for economic sovereignty and long-term national interest.
The 15 percent interest will be held by GoldBod on behalf of the Republic of Ghana and forms part of a broader refining agreement aimed at increasing local processing of gold. Beginning February 1, 2026, up to one metric tonne (1,000 kilograms) of gold exported weekly by GoldBod will be refined locally at the Gold Coast Refinery.
The agreement follows the government’s discovery that the refinery, commissioned in 2016, had been operating far below capacity despite being the largest in the sub-region. Subsequent technical assessments and reforms led by GoldBod have since positioned the facility to operate at higher capacity and meet international refining standards.
Mr. Gyamfi further revealed that the partnership has been strengthened through the involvement of South Africa’s Rand Refinery Africa’s only refinery accredited by the London Bullion Market Association (LBMA). The collaboration is expected to support Ghana’s ambition to secure LBMA accreditation for its own refinery.
According to him, the agreement aligns with President John Dramani Mahama’s directive to move Ghana away from raw gold exports toward full value optimisation. Under the new framework, gold refined locally will be responsibly sourced, traceable, and processed to a minimum purity of 99.5 percent.
The acquisition of a free carried interest in Gold Coast Refinery represents a decisive policy shift transforming Ghana from a mere exporter of raw gold into a shareholder in the gold refining value chain. By combining ownership, local refining, and international best practices, the partnership positions the country to capture greater economic returns while promoting transparency, sustainability, and long-term growth in the gold sector.
This is a game charger initiative
This is a game changer initiative.