Ghana Refines 30% Of Gold Locally But Real Cash Is In Jewellery – Afro-Barometer Analyst Reveals

This is according to Afrobarometer data analyst Alfred Appiah, who says data from the Ghana Gold Board (GoldBod) shows that out of 85.4 tonnes of gold purchased and exported so far this year, 25 tonnes were refined locally.

He said the progress has been rapid. In October alone, 5.4 tonnes out of the 5.7 tonnes purchased were refined in the country, a sharp rise from zero per cent at the end of 2024.

The analyst attributes the surge to GoldBod’s directive in September 2025 that requires gold to be refined locally before export.

The local refining is being led by two Ghanaian refineries Gold Coast Refinery and Royal Ghana Gold Refinery which receive raw gold from GoldBod and refine it for a fee of about 0.3% of the value.

Despite the progress, Mr. Appiah says Ghana’s ultimate target is to secure London Bullion Market Association (LBMA) certification within the next 3 to 5 years, the LBMA certification is the global benchmark that assures international banks and buyers of the quality and integrity of gold bars.

He cautioned that refining alone brings little revenue. Refining 25 tonnes worth an estimated $3.6 billion at 0.3% generates only about $11 million in fees.

The bigger opportunity is jewellery. The planned Gold Village in Accra in 2027 could enable young Ghanaians to design rings, chains and kente-inspired pieces for local and international markets. A tonne of gold as jewellery creates far more value than a tonne exported as doré, he said.

He added that sustaining gains requires a strong fight against galamsey, as LBMA accreditation demands strict supply-chain traceability.

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