Ghana Moves to End Raw Gold Exports as Landmark Refinery Deal Targets Jobs, Industrial Growth and Billions in Lost Revenue
Ghana is taking a bold step toward transforming its gold industry and reclaiming billions in lost mineral value after signing a major gold-refining agreement aimed at ending the country’s long-standing dependence on raw gold exports.
In a landmark move announced on Monday, May 25, 2026, the Ghana Gold Board officially signed a strategic refining partnership with Royal Ghana Gold Refinery, marking what government officials describe as a turning point in the nation’s economic and industrial agenda.
The agreement forms part of a broader national strategy to reposition Ghana one of Africa’s largest gold producers from a supplier of raw minerals to a leading value-added processing and refining hub in West Africa.
For decades, Ghana exported the majority of its gold in unrefined form, allowing foreign refineries in countries such as the United Arab Emirates, India and Switzerland to benefit from the downstream profits tied to refining, certification and bullion trading. While Ghana remained rich in mineral resources, much of the real economic value, technical expertise and employment opportunities linked to the gold industry were created abroad.
Government officials now say that model is no longer sustainable.
Speaking during the signing ceremony, Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, said the country is determined to rewrite its mineral wealth story by ensuring that more value is retained within the Ghanaian economy.
“When we took office on January 7, 2025, Ghana did not have any functioning gold refinery refining gold locally for export,” Gyamfi stated.
“All the gold we produced was exported in raw form, and that narrative must change.”
Under the newly signed agreement, Royal Ghana Gold Refinery will be authorised to refine up to one metric ton of gold per week, depending on operational capacity. The refinery is expected to focus significantly on gold sourced from Ghana’s small-scale mining sector, which contributes a substantial portion of the country’s total gold production.
The Ghana Gold Board revealed that it currently purchases an average of 2.5 metric tons of gold weekly with support from the Bank of Ghana. Authorities are also in discussions with large-scale mining companies to secure up to 30 percent of their gold output for domestic refining.
Officials believe the initiative could become a major catalyst for industrial expansion, local job creation and skills development within Ghana’s mining and manufacturing sectors.
Gyamfi explained that local refining would ensure that refining fees and associated revenues which previously left the country remain within the national economy.
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“What this means is that the refining fees that used to leave Ghana will now remain in the Ghanaian economy,” he said.
“Jobs will be created here, technical expertise will grow here, and value retention will improve.”
The initiative also aligns with a growing continental movement among resource-rich African nations seeking to process and add value to their minerals domestically rather than exporting raw commodities with limited economic benefit.
As part of its long-term ambitions, the Ghanaian government is pursuing accreditation from the London Bullion Market Association (LBMA) for local refineries. Officials say achieving international certification would significantly strengthen Ghana’s credibility within global bullion markets while boosting confidence in locally refined gold products.
Governor of the Bank of Ghana, Dr. Johnson Asiama, described the refining initiative as a long-overdue economic strategy that could reshape the country’s industrial future if effectively implemented.
The new partnership is being viewed as more than just a refinery agreement. Analysts say it represents a strategic shift in Ghana’s economic philosophy — one focused on industrialisation, local value addition and reducing dependence on exporting raw resources.
If successful, the initiative could position Ghana as one of Africa’s leading gold-refining and bullion-exporting nations while generating thousands of jobs and unlocking greater long-term value from the country’s vast mineral wealth.
