Gold Refineries in Ghana: Key Players, Regulations, and Opportunities for Value Addition
Gold Refineries in Ghana: Discover Ghana’s emerging gold refining sector, from major refineries like Gold Coast and Royal Ghana Gold to the Ghana Gold Board’s licensing framework.
Learn how local refining boosts economic value, supports small-scale miners, and positions Ghana as Africa’s gold hub amid global demand.
Ghana, Africa’s leading gold producer, has long been a powerhouse in raw gold extraction, outputting over 130 tons annually and contributing significantly to the continent’s mineral wealth. Yet, until recently, much of this gold left the country as unrefined doré bars, shipped abroad for processing and value addition.
This dynamic is changing rapidly. With the establishment of the Ghana Gold Board (GoldBod) in 2025 and ambitious plans to commence local refining operations in October of that year, Ghana is pivoting toward a more integrated gold value chain.
This shift not only aims to retain more economic benefits domestically but also addresses longstanding challenges like illegal mining and environmental degradation.
In this comprehensive guide to gold refineries in Ghana, we’ll explore the landscape, key facilities, regulations, challenges, and future prospects—offering insights for investors, miners, policymakers, and global stakeholders interested in Ghana gold refining.
Overview of Ghana’s Gold Refining Landscape
Ghana’s gold sector is a cornerstone of its economy, accounting for about 95% of mineral exports and generating over $5 billion in revenue in 2024 alone.
Historically, the country exported nearly all its gold in raw form to refineries in Switzerland, the UAE, and South Africa, forgoing the substantial margins from refining—estimated at 5-10% of the metal’s value.
This export model, while lucrative for foreign processors, left Ghana vulnerable to fluctuating international prices and smuggling risks.
The tide turned with the Gold Board Act of 2025 (Act 1140), which centralized oversight under GoldBod, a state entity tasked with buying, assaying, refining, and exporting gold. GoldBod’s mandate emphasizes value addition through local gold refining in Ghana, reducing raw exports and fostering domestic capacity.
By October 2025, GoldBod plans to launch its own refining and fire assay operations, processing doré from small-scale and artisanal miners first. This initiative aligns with broader reforms, including a $1 billion mining support program to formalize operations and integrate artisanal producers into licensed refineries.
Currently, Ghana’s refining capacity hovers around 1,500-2,000 kg per day across private facilities, a fraction of its 4 million ounces annual production.
However, with new investments and state involvement, projections suggest a tripling by 2030, potentially capturing 30% of global artisanal gold flows.
For local miners, this means easier access to refining services; for investors, it signals untapped opportunities in Ghana bullion refinery infrastructure.
The Ghana Gold Board refinery push underscores a strategic goal: transform Ghana from a raw exporter to a refined gold exporter, enhancing forex reserves and job creation in the process.
Major Gold Refineries in Ghana
Ghana’s gold refineries are a mix of private ventures, joint enterprises, and emerging state projects, each contributing to the local gold refining ecosystem. Here’s a detailed look at the key players:
Gold Coast Refinery
Established in 2016 as a subsidiary of Egypt’s Euroget Group, Gold Coast Refinery is Ghana’s largest and most established facility, located in Accra near Kotoka International Airport.
With a daily capacity of 480 kg (upgradable to 600 kg per shift), it processes doré into 99.99% pure bullion bars compliant with international standards.
Ownership includes a 10-15% stake held by the Ghanaian government through the Precious Minerals Marketing Company (PMMC), ensuring alignment with national interests.
Services extend beyond refining to include fire assaying, smelting, secure storage, and export facilitation. The refinery sources primarily from large-scale mines and licensed small-scale aggregators, employing over 300 staff and generating 1,000 indirect jobs in logistics and assaying.
Its LBMA Good Delivery (GDL) aspirations position it as a gateway for Ghana LBMA refinery exports, appealing to international buyers seeking traceable, ethical gold.
Royal Ghana Gold Refinery
Launched in August 2024, this joint venture between India’s Rosy Royal Minerals (80%) and the Bank of Ghana (20%) marks a milestone in state-private partnerships for refining gold in Ghana.
Situated in Accra, it boasts a 400 kg/day capacity, focusing on high-purity (99.999%) output for bullion and jewelry fabrication. The facility prioritizes small-scale miners, distributing licenses to aggregators to secure feedstock and promote formalization.
Key services include advanced assaying (XRF and fire methods), ethical sourcing verification, and direct export channels.
Despite early controversies over investor credentials, it has refined over 50 tons in its first year, contributing to Ghana’s central bank reserves surging to 39.7 tons by August 2025. For investors, its government backing mitigates risks, while locals benefit from training programs in sustainable refining.
Sahara Royal Gold Refinery
A privately owned Ghanaian enterprise founded in 2015, Sahara Royal operates from Accra (with ties to Tema Free Zones), refining up to 300 kg/day using Italian technology for 99.99% purity.
Owned by local entrepreneur Godwin Kwaku Amekuedi, it emphasizes affordability for small-scale suppliers, offering on-site assaying and quick turnaround for doré-to-bullion conversion.
Challenges have included legal disputes and capacity constraints, but it remains a vital player for artisanal gold, processing mercury-contaminated inputs with remediation protocols.
Services include certification for exports and partnerships with jewelers, making it a hub for value addition gold Ghana initiatives.
Goldridge Refinery
Goldridge Corp’s Accra-based facility, announced in 2023, promised LBMA-standard refining with 500+ kg/day capacity, including secure vaults and ESG-compliant storage.
However, as of late 2025, operations are stalled amid scandals: CEO Dr. Sledge Nana Yaw Duodu was detained by the Office of the Special Prosecutor (OSP) in September for alleged $94 million fraud in gold-for-oil deals.
Despite high potential for Ghana bullion refinery exports, investors should monitor regulatory resolutions before engaging.
State-Owned Refinery (GoldBod Initiative)
GoldBod’s flagship project, a fully state-owned facility at Kotoka Airport, is slated for groundbreaking in 2026 with a $1 billion investment and 400 kg/day initial capacity—enough to process all small-scale output.
It will feature an ISO-certified assay lab and focus on traceability, integrating with GoldBod’s digital platform for chain-of-custody tracking.
This Ghana Gold Board refinery will prioritize national reserves and ethical sourcing, setting a benchmark for local gold refining Ghana.
These refineries collectively handle 20-25% of Ghana’s gold, with expansions underway to reach 50% by 2028.
Regulatory Framework & Licensing
GoldBod’s licensing regime, enshrined in the 2025 Act, is the backbone of Ghana’s gold refining oversight. To operate a refinery, applicants must secure a Category A or B license, requiring:
- Minimum Capital: GH¢10-50 million ($600,000-$3 million) for infrastructure and working capital.
- Technical Audits: Proof of equipment for assaying (fire/XRF) and refining to 99.99% purity.
- Chain-of-Custody Systems: Digital traceability from mine to export, integrated with GoldBod’s blockchain platform.
- ESG Compliance: Environmental impact assessments, anti-mercury protocols, and community engagement plans.
Licenses are tiered: Tier 1 for buyers/aggregators feeding refineries; Tier 2 for refiners; Tier 3 for exporters. GoldBod conducts annual audits, with penalties for non-compliance including fines up to GH¢5 million or license revocation. Exports require GoldBod approval, customs clearance, and Bank of Ghana forex documentation.
This framework ensures only licensed entities participate, curbing smuggling and promoting Ghana LBMA refinery standards. As of October 2025, GoldBod opened applications for refinery licenses, annulling prior Ministry-issued ones to streamline operations.
Challenges Facing Ghanaian Refineries
Despite progress, Ghana’s refineries grapple with systemic hurdles. First, capacity lags production: Current facilities process under 20% of output, forcing reliance on foreign refiners and exposing the sector to global disruptions.
Second, illegal “galamsey” mining—accounting for 30-40% of gold—supplies contaminated doré laced with mercury, complicating refining and risking LBMA accreditation. Environmental fallout includes polluted rivers (79% of miners report health issues) and 27,000 hectares of deforested land annually.
Financially, high energy costs and import-dependent equipment strain operators, while fraud scandals like Goldridge’s erode trust. Infrastructure gaps, such as unreliable power, further hinder scaling. Addressing these requires GoldBod’s $1B support fund for tech upgrades and miner training.
Economic & Strategic Importance
Local gold refining in Ghana is more than operational—it’s transformative. By capturing refining margins, the country could add $500 million annually to GDP, retaining revenue that previously flowed abroad. This value addition gold Ghana strategy bolsters forex reserves, with central bank holdings up 400% since 2023 to 39.7 tons.
Strategically, it creates 5,000+ jobs in refining, assaying, and logistics by 2030, empowering youth in mining communities. Reduced raw exports align with IMF-backed reforms, stabilizing the cedi and funding infrastructure. For global markets, Ghana’s refineries offer diversified, traceable supply amid geopolitical tensions.
Environmental and Ethical Considerations
Refining amplifies mining’s ethical imperatives. Galamsey’s mercury use contaminates soil and water, with 2025 studies showing hazardous levels in 70% of mining communities. Licensed refineries mitigate this via retort systems and cyanide-free processes, but upstream sourcing remains key.
Ethically, GoldBod mandates responsible sourcing, including no child labor (prevalent in 20% of artisanal sites) and fair wages. Refineries support sustainable small-scale mining through documentation aid and clean tech loans, fostering traceability for LBMA compliance. Investments in reforestation and water treatment can turn refineries into environmental stewards, appealing to ESG-focused buyers.
Future Prospects of Refining in Ghana
Ghana’s refining horizon is bright. GoldBod’s state refinery will catalyze growth, targeting full operations by 2027 with LBMA certification to access premium markets. Private expansions, like Gold Coast’s upgrades, aim for 1,000 kg/day combined capacity.
LBMA accreditation for at least three facilities by 2026 could position Ghana as Africa’s gold hub, attracting $2B in FDI. Digital traceability and ASM integration will strengthen the value chain, with exports projected to rise 25% as refined bullion. Challenges like climate impacts on mining must be navigated, but policy reforms signal resilience.
How to Sell or Export Gold via Ghanaian Refineries
For small-scale or large miners, partnering with refineries is straightforward under GoldBod:
- Source and Aggregate: Obtain a Tier 1 license via GoldBod; aggregate doré from licensed sites.
- Assaying: Submit samples for XRF/fire assay at the refinery—results in 24-48 hours confirm purity (typically 80-95% for doré).
- Refining: Contract the facility (e.g., Gold Coast) for smelting; fees average 2-4% of value.
- Export Prep: GoldBod verifies traceability, issues export permit. Ship as bullion with customs docs and forex declaration.
Small-scale miners get priority access and training, ensuring compliance for global sales.
Risks & Things to Watch Out For
Investing in Ghana gold refineries carries caveats. Not all hold LBMA status, limiting premium pricing. Counterparty risks, as seen in Goldridge’s fraud, demand due diligence on ownership.
Regulatory shifts under GoldBod could alter licensing, while galamsey smuggling erodes supply reliability. Price volatility—gold hit $2,700/oz in 2025—affects margins; hedge via futures. ESG non-compliance risks boycotts, so prioritize certified partners.
FAQs about Gold Refineries in Ghana
What are the main gold refineries in Ghana?
The top ones include Gold Coast Refinery (480 kg/day), Royal Ghana Gold (400 kg/day), Sahara Royal (300 kg/day), and the upcoming GoldBod state facility.
Can small-scale miners refine gold in Ghana?
Yes, via GoldBod-licensed aggregators and refineries offering priority processing and assay support.
What is the capacity of Ghana’s refineries?
Combined, around 1,500 kg/day, with expansions to 3,000 kg by 2027.
Is Ghana refining its gold locally?
Operations began in October 2025, targeting 30% local refining by 2030.
Why is refining gold in Ghana important?
It adds economic value, creates jobs, reduces smuggling, and enhances forex stability.
What is the role of the Ghana Gold Board in refineries?
GoldBod licenses, assays, and exports, ensuring traceability and value addition.
Industry Relevance
Local miners: Register with GoldBod today to access licensed refineries and fair pricing. Investors: Eye LBMA-aspirant facilities like Gold Coast for high-yield opportunities in Ghana’s gold boom. Policymakers: Champion GoldBod reforms to sustain value addition. As Ghana refines its golden future, now’s the time to stake a claim in this ethical, lucrative sector.