The Ghana Gold Board (GoldBod) says it refined 94.6 percent of the artisanal and small-scale mining (ASM) gold it purchased in October as Ghana intensifies efforts to expand domestic gold processing and retain more economic value from its mineral resources.

GoldBod Chief Executive Officer, Sammy Gyamfi, disclosed this while delivering a keynote address at the African Minerals Policy Forum – Mining in Motion 2026, outlining Ghana’s strategy to transition from exporting raw minerals to building local refining capacity.

According to Mr. Gyamfi, GoldBod purchased 5.7 tonnes of artisanal and small-scale gold in October, of which 5.4 tonnes had been refined locally.

“Since August 2026, the Goldbod has aggregated and exported 25 tonnes of ASM gold. Now, of this figure,18.7 tonnes constituting 76% was refined here in Ghana by these refineries and in just this month of October, we have refined 5.4 tonnes out of 5.7 tonnes of gold we have bought and exported constituting 95% of the gold we have exported”, he expounded.

He attributed the progress to strategic partnerships with two privately owned Ghanaian refineries, Gold Coast Refinery and Royal Ghana Gold Refinery, following the signing of gold refining services agreements earlier this year.

The CEO said the partnerships were helping Ghana strengthen its domestic processing capacity and reduce its dependence on exporting gold without sufficient local value addition.

“These partnerships are helping us retain more value from the gold we produce and ensure that a greater share of the economic benefits stays within our country,” Mr. Gyamfi said. 

The two refineries have cumulatively processed 25 tonnes of artisanal and small-scale gold purchased and exported by GoldBod in 2026, representing approximately 30 percent of the Board’s total ASM gold exports of 85.4 tonnes as of October 20.

Mr. Gyamfi further disclosed that since August 1, 2026, a total of 18.7 tonnes of ASM gold had been refined locally, representing 76 percent of the 25 tonnes processed over the period.

"These two refineries have progressively and cumulatively refined 25 tonnes of the 85.4 tonnes of ASM gold that the GoldBod has exported this year. This constitutes 30% of ASM gold exports for this year alone."

He said the figures reflected progress in the government’s broader efforts to move beyond the export of raw commodities and develop a stronger domestic mineral-processing industry.

The GoldBod CEO stressed that local refining was central to ensuring that Ghana derived greater economic benefits from its gold resources instead of exporting much of the value-creation process to foreign markets.

He noted that expanding local refining would create opportunities to strengthen the domestic gold industry, develop technical expertise and improve the country’s position in the international gold market.

Beyond artisanal and small-scale gold, Mr. Gyamfi disclosed that 30 percent of the output of large-scale mining companies purchased by the government under the Ghana Accelerated National Reserve Accumulation Program (GANRAP) was also being refined locally.

He said the initiative demonstrated that the government’s value-addition agenda extended beyond small-scale mining to include gold sourced from large-scale producers.

The CEO also revealed that Gold Coast Refinery and Royal Ghana Gold Refinery were pursuing strategies to obtain accreditation from the London Bullion Market Association (LBMA) within the next three to five years under GoldBod’s regulatory guidance.

According to him, achieving the accreditation would be an important step towards improving the international standing of Ghana’s refining industry and strengthening confidence in locally processed gold.

Mr. Gyamfi said GoldBod would continue to provide regulatory guidance to support the development of the domestic refining sector and help position Ghanaian refineries to meet internationally recognised standards.

He emphasised that Ghana’s ambition was not simply to increase the volume of gold produced but also to ensure that more of its processing and associated economic benefits occurred within the country.

“Ghana must move beyond being a producer and exporter of raw minerals. We must build the capacity to process our resources locally and capture more of the value they generate,” he said. 

Mr. Gyamfi further outlined Ghana’s long-term ambition to transition from exporting 100 percent of its minerals in raw form at the end of 2024 to achieving zero raw mineral exports by the end of 2030.

He said the target reflected the government’s determination to transform the country’s mineral sector through domestic processing, value addition and greater economic participation.

The GoldBod CEO insisted that the Board’s mandate went beyond buying and selling gold, arguing that the country must ensure its natural resources translate into tangible benefits for citizens.

“The objective of GoldBod goes beyond gold trading. Every ounce of gold produced in Ghana must generate greater value for Ghanaians,” he stressed. 

He added that the shift towards local refining would be critical to achieving that objective, particularly as Ghana seeks to strengthen its economic resilience and maximise returns from its mineral wealth.

Mr. Gyamfi also commended the Ghana Chamber of Mines for its cooperation and support for the government’s value-addition agenda.

He said collaboration among government institutions, mining companies and local refineries would be essential to building a competitive domestic processing industry capable of supporting Ghana’s long-term mineral development goals.

He delivered the keynote address under the theme “From Gold Production to National Prosperity: Ghana’s GoldBod Model for Mineral Sovereignty and Value Addition”.

The latest figures place local refining at the centre of GoldBod’s efforts to increase domestic participation in the gold value chain with the Board seeking to ensure that Ghana captures more of the economic opportunities associated with the production, processing and export of its mineral resources.