Ghana has officially begun the local refining of gold purchased from the Artisanal and Small-Scale Mining (ASM) sector, following the commencement of refinery operations by the Ghana Gold Board (GoldBod) in partnership with Gold Coast Refinery.
The milestone was marked with a tour of Gold Coast Refinery premises by the Minister for Finance and Economic Planning, Dr. Cassiel Ato Forson, alongside the Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, Esq.
The visit follows a landmark agreement signed last month, under which Gold Coast Refinery will refine all ASM gold purchased by GoldBod, with operations scheduled to begin in February.
During the tour, the Executive Chairman of Gold Coast Refinery, Dr. Said Deraz, took the Minister, the GoldBod CEO, GoldBod Deputy CEO, and some GoldBod Board members through the refinery’s full operational chain, demonstrating how raw gold supplied by GoldBod is processed and refined into bullion bars.
He explained that Gold Coast Refinery has entered into a technical partnership with Rand Refinery, Africa’s only LBMA-accredited refinery, to support the refining process and ensure Ghana’s ASM gold is refined locally to international standards.
Dr. Deraz walked the delegation through the various stages of production, including the crushing of raw gold into a mud-like state, heating and purification processes that convert the material into granular form, and the use of a flameless tunnel furnace and other advanced systems to produce finished gold bars.
The team also inspected critical facilities such as the assay laboratory, XRF laboratory, ICP-OES laboratory, melting room, gold dryer, incinerator, bar production section, and the refinery’s vault.
At the bar section, Dr. Forson was presented with finished gold bars bearing the official stamps of the Ghana Gold Board, Gold Coast Refinery, Bank of Ghana, and the Ghana Standards Authority.
According to Dr. Deraz, the refinery has the capacity to process up to two tonnes of gold per week, although the current agreement with GoldBod provides for the refining of one tonne weekly.
“These gold bars you see here are for the Ghana Gold Board. We are only service providers,” he said.
Addressing the media, Dr. Forson congratulated GoldBod, Gold Coast Refinery, and Rand Refinery on the commencement of local refining, describing it as a realization of President John Dramani Mahama’s long-held vision for Ghana to refine its own gold.
He recalled that the Gold Coast Refinery was commissioned by President Mahama in 2016 but remained largely unused after his administration left office.
He noted that the President’s desire to see the refinery operate at full capacity informed government support for GoldBod’s decision to partner with Gold Coast Refinery and supply all ASM gold purchased for domestic refining.
The Finance Minister also praised GoldBod’s performance since it began full operations in May 2025, citing the tangible benefits already emerging from its mandate.
Dr. Forson disclosed that the refining operations have already created employment for about 162 Ghanaians and enabled the refinery to operate on a 24-hour basis, in line with the government’s 24-hour economy policy.
He expressed satisfaction that, for the first time in Ghana’s history, a Ghanaian state institution’s emblem is being stamped on locally refined gold bars.
He further urged Gold Coast Refinery to work towards securing LBMA certification in the near future and encouraged GoldBod to put in place measures to establish a national assay laboratory before the end of the year, pledging his support for the initiative.
The Finance Minister also inspected bullion vans belonging to Gold Coast Refinery, commending the company for investing in the logistics and security infrastructure needed to position Ghana as a major gold refining hub in Africa.
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Meanwhile, China controls approximately 70% or more of the mining and processing of specific critical minerals, most notably rare earth elements (REEs). China also dominates the refining of around 19 of the 20 most important strategic minerals, with an average market share of 70%, making it the central hub for the global mineral supply chain.
Key facts regarding China’s control of critical minerals as of 2025-2026:
- Rare Earth Elements (REEs): China controls roughly 70% of global rare earth mining and over 90% of the refining/processing stages.
- Silicon: China accounts for approximately 80% of global silicon production.
- Gallium and Germanium: China controls roughly 60% to 90% of the production of these high-tech materials.
- Refining Dominance: For 19 out of 20 strategic minerals, China is the leading refiner, averaging a 70% market share.
Other Countries with Specific High-Concentration Minerals:
While China dominates the overall processing and rare earth supply, other countries hold 70% or more of specific individual resources:
- Democratic Republic of Congo (DRC): Controls approximately 70% of the world’s cobalt production.
- Brazil: Accounts for nearly 91% of global niobium production.
- Indonesia: Controls a significant portion of nickel production.
However, for a diversified, high-percentage control across a broad range of critical and rare-earth minerals, China is the primary nation that fits the description of controlling roughly 70% of the market in essential, modern-day mineral resources.
