Ghana to Begin Local Gold Refining in October 2025

GoldBod to lead national effort to add value to gold exports
ACCRA, Sept. 10, 2025 — Ghana is set to begin refining its own gold locally starting October 2025, a major step toward boosting value addition in the country’s mining sector. The announcement was made by Sammy Gyamfi, CEO of the Ghana Gold Board (GoldBod), during his keynote speech at the 2025 Minerals and Mining Convention.
Gyamfi confirmed that plans are far advanced for the establishment of a state owned gold refinery, aimed at ending the long standing practice of exporting raw, unrefined gold commonly referred to as dore.

“It is unacceptable that Ghana, despite being a leading gold producer in Africa, continues to export raw gold without refining it,” he stated.

From Dore to Bullion
Under the new initiative, locally mined gold will be refined into bullion within Ghana’s borders. The Ghana Gold Board, in partnership with the Bank of Ghana and local private-sector refineries, will oversee the operations.
The move is expected to:

Increase state revenue through value added processing

Boost employment in the mining and refining sectors

Enhance transparency and traceability in the gold supply chain

Improve Ghana’s foreign exchange reserves through more profitable exports

Infrastructure & Strategy
Construction of the main refinery is underway, with testing and operational readiness expected to be completed by late September. By October 2025, the facility is expected to be fully functional and compliant with international gold standards.
The Bank of Ghana is also expected to play a key role by purchasing and holding refined gold as part of its strategic reserves.
Ghana’s Position in Global Gold Market
Ghana is currently Africa’s top gold producer, overtaking South Africa in recent years. However, industry analysts have long criticized the country for exporting raw resources while importing finished gold products at higher costs.
This new refining push aims to reverse that trend and help Ghana capture more value from its gold output, which contributes nearly 40% of total export earnings.
What’s Next?

October 2025: Official start of local gold refining operations

2026 onward: Ghana plans to increase refining capacity, and explore regional refining partnerships with neighboring West African countries