• Ghana to halt raw gold exports as government tightens grip on mineral wealth
• No more raw gold as Ghana moves to control pricing and foreign influence in gold trade
• Gold export shake-up as Ghana decides to refine at home and end decades-old practice
Ghana has announced a major policy shift in its gold industry, signaling the end of the export of gold in its raw form. The announcement was made by the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, who described the move as a decisive step toward protecting national value and strengthening local industry.
For decades, Ghana has exported the bulk of its gold in unrefined form, allowing foreign refineries to determine purity, value, and final pricing. According to GoldBod, this system has often worked against the country, leading to undervaluation, revenue leakages, and limited domestic participation in the gold value chain. The new policy is intended to reverse that trend.
At the heart of the policy is a landmark refining arrangement involving GoldBod, Gold Coast Refinery Limited, and its technical partner, Rand Refinery of South Africa. Beginning February 2026, Ghana will refine significant quantities of its gold locally, with an initial capacity of up to one metric tonne per week. This marks the first time the country will consistently process large volumes of its gold to international standards before export.
The implications are far-reaching. Local refining will allow Ghana to independently determine gold purity and value, reduce reliance on foreign assayers, and ensure greater transparency in exports. Beyond accuracy and accountability, the initiative is also expected to create jobs, build technical expertise, and stimulate related industries within the mining and manufacturing sectors.
Importantly, the state will hold a 15 percent free carried interest in the Gold Coast Refinery. This means Ghana will benefit directly from refinery operations without committing upfront capital, strengthening public returns from the country’s mineral wealth.
GoldBod officials say the policy aligns with a broader national objective to move Ghana away from a raw-material export economy toward value addition and industrialization. By refining gold locally, the country stands to retain more foreign exchange, increase tax revenues, and enhance traceability in the gold trade, particularly in efforts to curb illegal mining and smuggling.
As one of Africa’s leading gold producers, Ghana’s decision sends a strong signal across the mining sector. It reflects a growing determination to ensure that natural resources translate into long-term economic gains rather than short-term exports. If fully implemented and sustained, the end of raw gold exports could mark a turning point in how Ghana benefits from its most prized mineral resource.
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