The Ghana Gold Board (GoldBod) has formalised artisanal and small-scale mining (ASM) through a new agreement to refine gold locally for global export. Ghana is not merely adjusting its mining policy; it is redefining how resource wealth translates into national development. This shift places value addition, foreign exchange stability, and supply-chain sovereignty at the heart of Ghana’s economic strategy.
GoldBod confirmed a landmark partnership with Gold Coast Refinery Limited, supported technically and commercially by South Africa’s Rand Refinery, the only LBMA-accredited refinery on the continent.
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Under a transformative new agreement, Ghana is set to reclaim significant value from its gold sector by beginning to refine approximately one tonne annually domestically, initially using artisanal mining output to formalise that segment. This strategic shift moves the country beyond its historical reality of exporting 99.9% of its gold unrefined, thereby securing a 15% carried interest in refinery profits, creating downstream jobs, and enabling its gold, branded with national and international emblems, to command higher margins on the global market.
Gold refining operations are scheduled to begin in February 2026, marking the first time Ghana systematically integrates refining into its gold export model.
This is not cosmetic industrialisation. Refining captures value that was previously exported alongside raw ore, improves traceability, boosts tax efficiency, and strengthens Ghana’s case for London Bullion Market Association (LBMA) accreditation critical for premium pricing in global markets.
The Ghana Gold Board (GoldBod) was established in April 2025 under Act 1140, replacing fragmented oversight structures and centralising gold trading under state authority.
Within its first year, GoldBod executed its precise mandate to formalise artisanal mining, curb smuggling, and retain value domestically by successfully mobilising foreign exchange and building national gold reserves, thereby fundamentally altering Ghana’s macroeconomic trajectory.
In a record-breaking 2025 performance that marks a structural transformation, Ghana’s formalized artisanal mining sector exported 103 tonnes of gold, generating over US$10.8 billion in foreign exchange and for the first time surpassing large-scale mining in volume and value, which dramatically increased the Bank of Ghana’s gold reserves to 38.04 tonnes, boosted gross international reserves above US$12 billion, spurred a 42.57% appreciation of the cedi, and projected a fiscal surplus exceeding GH¢600 million.
Although overall gold output remained consistent in 2025, the fundamental change was Ghana’s dramatically increased control over its sector, with the structural reforms and formalisation spearheaded by GoldBod serving as a key driver for the nation’s nominal GDP of approximately US$112 billion, a PPP-adjusted GDP of up to US$394 billion, and significantly improved external balances, thereby reinforcing gold’s critical role as the source of over 90% of mineral export earnings.
GoldBod’s transformative contribution to Ghana’s development is exemplified by its injection of over US$10.8 billion in foreign exchange into the formal economy, which alleviated pressure on the cedi and reduced reliance on external borrowing, while also formalizing an estimated 39.4 tonnes of gold (worth US$3.8 billion) previously lost to smuggling, thereby achieving annual debt interest savings of up to US$1.08 billion and bolstering monetary credibility through strengthened national reserves to insulate the economy from external shocks.
GoldBod emerged as an inevitable response to Ghana’s long struggle to control its gold value chain, which had been marked by fragmented trade, weak oversight, and minimal value addition for decades. Earlier policies, such as a 2021 withholding tax on unprocessed gold, inadvertently fueled smuggling and collapsed official exports, creating the paradox of a major gold producer facing chronic foreign exchange shortages. This history demanded a new model, shifting Ghana from passive regulation to active state participation in the commodity market, a strategic move aligned with successful resource economies globally.
Despite its transformative success, GoldBod’s refining strategy faces significant headwinds. Operational costs for refining, security, and logistics remain high and have drawn scrutiny, such as the IMF-flagged accounting discrepancy. Environmental enforcement must keep pace with artisanal mining expansion to prevent degradation, while the model remains exposed to global gold price volatility. Additionally, sustaining transparency and institutional capacity at scale presents an ongoing governance challenge that will test the initiative’s long-term viability.
In a comparative analysis, Ghana’s new model stands in stark contrast to the traditional approach of exporting raw doré with minimal state involvement. By refining gold domestically, acting as a buyer and reserve holder, and centralising the supply chain, Ghana now captures significantly more value and retains foreign exchange directly. This positions the country not merely as Africa’s top gold producer, but as an emerging hub within the global gold value chain.
Several strategic pathways offer growth opportunities: expanding refining capacity, establishing a regional bullion hub, achieving LBMA accreditation for premium pricing, and developing gold-backed financial instruments. GoldBod’s long-term goal of purchasing 144 tonnes annually signals an ambition to anchor national macroeconomic stability directly to mineral wealth. Ultimately, by converting mineral abundance into monetary strength, Ghana’s gold strategy, if sustained, could serve as a continental model, proving that African nations can move beyond extraction toward ownership, value creation, and lasting economic stability.
