GoldBod refines 80-90% of gold locally before export – Sammy Gyamfi

He said the development was helping Ghana retain more economic benefits from its gold resources through job creation, local value addition and the retention of refining fees within the domestic economy.

Speaking before Parliament’s Public Accounts Committee (PAC) on Tuesday, October 13, 2026, Mr Gyamfi said local refining marked a shift from previous practices in the country’s gold trade.

“I’m happy to report to this Honourable Committee that, as we speak, about 80 to 90 per cent of the gold we purchase and export is refined here locally,” he said.

According to him, the practice was creating employment opportunities for Ghanaians, particularly young people, as refineries operated around the clock.

“That means jobs for the unemployed youth because these refineries are operating 24-7, employing Ghanaians,” he said.

READ: GoldBod targets exceeding 2025 gold export and forex performance – Sammy Gyamfi

Mr Gyamfi added that local processing was helping retain refining fees in Ghana rather than allowing the revenue to accrue to foreign destinations.

“The refining fees which would have ended up in export destinations is being retained in our economy,” he told the committee.

He further disclosed that silver, a by-product of gold refining, was also being retained locally, with the metal contributing to foreign exchange earnings and supporting the country’s fabrication industry.

“The by-product of gold refining, silver, is also being retained,” he said.

Mr Gyamfi’s comments form part of his account of GoldBod’s performance in carrying out its statutory responsibilities, which include generating foreign exchange, supporting gold reserve accumulation and undertaking and regulating Ghana’s gold trade sector.

He also told the committee that the board was on course to meet or exceed its 2025 gold purchase and export outcomes while substantially exceeding its foreign exchange generation performance for that year, which he put at US$10.8 billion.

READ: GoldBod has created over 1,300 jobs across public and private sectors – CEO

The Ghana Gold Board was established to oversee and regulate Ghana’s gold trading activities, with responsibilities that include supporting foreign exchange generation and gold reserve accumulation. Its activities also seek to strengthen oversight of the gold trade and promote greater domestic value addition through local refining and related industries