The Ghana Gold Board (GoldBod) is embarking on a transformative initiative to revolutionize the nation’s gold value chain, aiming to elevate Ghana’s position in the global gold market. This ambitious undertaking centers on the construction of a state-of-the-art assay laboratory and gold refinery at the Kotoka International Airport’s cargo village. The strategic location of this facility underscores its intended role as a crucial hub for gold processing and export, facilitating seamless integration within the existing transportation infrastructure. The project represents a significant investment in modernizing Ghana’s gold industry, transitioning from traditional methods to internationally recognized standards, and enhancing the country’s capacity to refine gold locally. This move signifies a crucial step towards maximizing the value derived from Ghana’s gold resources.
The current methods of gold assaying employed in Ghana, primarily XRF and water density techniques, will be superseded by the globally accepted fire assay standard. This shift marks a significant upgrade in accuracy and reliability, ensuring that all gold produced or exported from Ghana adheres to international best practices. The establishment of an ISO-certified assay laboratory will instill greater confidence in the quality and purity of Ghanaian gold, enhancing its marketability and attracting higher prices on the global market. This transition to the fire assay method will ultimately contribute to increasing the value of Ghana’s gold exports and bolstering the country’s economic growth.
The new refinery will significantly augment Ghana’s local refining capacity, enabling the country to transition from exporting doré, a semi-pure alloy of gold and silver, to exporting refined gold bullion. This transformative shift represents a substantial value addition within the gold value chain, allowing Ghana to capture a greater share of the profits associated with gold refining. Currently, much of Ghana’s gold is exported in its semi-processed form, requiring further refining in international markets. By developing local refining capabilities, Ghana will retain more of the value generated by its gold resources, fostering economic growth and creating skilled jobs within the refining sector.
This initiative aligns with GoldBod’s recent commencement of local gold purchases, representing a concerted effort to strengthen the domestic gold market and empower local refineries. The Gold Board, in partnership with the Bank of Ghana, is collaborating with existing refineries, including Gold Coast Refinery, to refine the gold acquired through these local purchases. This collaborative approach leverages the expertise and infrastructure of established refineries while simultaneously supporting the growth of the domestic refining sector. By purchasing a portion of the gold output from large-scale mining companies, GoldBod is stimulating demand for locally refined gold and promoting the development of a vibrant domestic gold industry.
The GoldBod has secured a 0.6-acre plot of land within the cargo village of Kotoka International Airport for the construction of the new facility. This strategic location optimizes logistics and streamlines the export process, facilitating the efficient movement of refined gold to international markets. The proximity to the airport minimizes transportation costs and reduces the turnaround time for exports, enhancing Ghana’s competitiveness in the global gold trade. The choice of location underscores the government’s commitment to fostering a conducive environment for investment and growth within the gold sector.
The announcement of this landmark project was made by Sammy Gyamfi, Chief Executive Officer of GoldBod, during the Mining and Minerals Convention 2025. Mr. Gyamfi emphasized the collaborative nature of this initiative, highlighting the partnership between GoldBod, the Bank of Ghana, and local refineries. He also commended the Chamber of Mines for their willingness to support the local refining of gold produced by large-scale mining firms. This partnership between government, regulatory bodies, and industry stakeholders is crucial for the successful implementation of this ambitious project and for the long-term development of Ghana’s gold industry. The collaborative approach underscores the shared vision of transforming Ghana’s gold sector into a modern, efficient, and globally competitive industry.
