GoldBod refines 95% of gold exports in October as Ghana pushes local processing

GoldBod CEO Sammy Gyamfi has disclosed that Ghana refined 5.4 tonnes of the 5.7 tonnes of artisanal and small-scale gold it purchased and exported in October 2026, representing 95% of the total.

Gyamfi said the figures showed progress in the government’s efforts to process more gold locally instead of exporting it in its raw state.

Speaking at the 2026 Mining in Motion Conference, he said GoldBod had partnered two locally owned refineries, Gold Coast Refinery and Royal Ghana Gold Refinery, to increase domestic processing.

He said the two refineries had cumulatively processed 25 tonnes of the 85.4 tonnes of small-scale gold exported by GoldBod between January 1 and October 20, representing about 30% of the total.

Gyamfi said the pace of local refining had increased in recent months. Since August, GoldBod had exported 25 tonnes of small-scale gold, of which 18.7 tonnes, or 76%, had been refined in Ghana.

“Local gold refining capacity is on the ascendancy. We are seeing a considerable increment through the strategic partnership we have with these local refineries,” he said.

He added that 30% of the output of large-scale mining companies purchased by the government under the gold reserve accumulation programme was also being refined locally.

Gyamfi said the government’s broader ambition was to move Ghana away from exporting raw minerals towards retaining more value through local processing.

“Every ounce of gold produced in Ghana” should create greater value for Ghanaians, he said, describing local refining as an important part of the country’s economic transformation plans.

He said the refineries were working towards obtaining London Bullion Market Association accreditation within the next three to five years under GoldBod’s regulatory guidance.

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