Gold Coast Refinery has announced plans to allocate a 15 percent carried interest to GoldBod as part of a strategic partnership aimed at boosting value addition in Ghana’s gold sector.
The announcement was made by Dr. Said Deraz, Chief Executive Officer of the refinery, during a courtesy visit by GoldBod CEO Sammy Gyamfi.
Dr. Deraz expressed confidence in the potential of GoldBod to enhance the country’s participation in the gold trading ecosystem. According to him, the collaboration is designed to strengthen Ghana’s gold value chain and increase national revenue through refined exports.
“GoldBod will be useful in managing the gold value-addition portfolio, which would increase the country’s earnings from the precious metal,” Dr. Deraz said.
Gold Coast Refinery, headquartered in Accra, is the second-largest gold refinery on the African continent, behind only South Africa’s Randgold Resources. It boasts an annual refining capacity of 180 tonnes and a daily throughput of 480 kilogrammes.
During a tour of the facility, GoldBod’s Chief Executive, Sammy Gyamfi, reaffirmed the agency’s interest in partnering with the refinery to advance the government’s value addition agenda. He noted that GoldBod is focused on transitioning from exporting raw dowry bars to refined bullion, a move expected to improve export value and retain more earnings domestically.
Gold Export and Economic Impact
Ghana remains the world’s leading exporter of gold, with the commodity serving as a cornerstone of the national economy. In 2022, the gold sub-sector accounted for 1.1 percent of the country’s GDP, contributing 35.5 percent of total output growth that year.
The collaboration between Gold Coast Refinery and GoldBod forms part of a broader strategy to deepen Ghana’s integration into the global gold value chain and reduce reliance on raw exports. By emphasizing in-country refining and gold product diversification, the initiative aims to create jobs, build technical capacity, and increase fiscal returns for the state.
Further details on the operational framework of the partnership are expected to be released in the coming months as GoldBod ramps up preparations to assume its value chain management role.
