The Chief Executive Officer of the Ghana Gold Board (GoldBod) Sammy Gyamfi, has disclosed that a total of 7.1 metric tonnes of gold purchased were refined locally.
Sammy Gyamfi disclosed that the move helps Ghana retain refining fees while supporting job creation and economic activity.
He detailed that local refineries had the capacity to produce gold of high purity, however noting that existing capacity remained insufficient to process all the gold.
Speaking in a Space conversation on X on Sunday, August 9, 2026, Sammy Gyamfi stated, “Some refineries will give you minimum 99.5 without more, others will give you 999, or four nines or five nines, depending on the kind of processes they have,” he said.
“So the refineries we have in Ghana are able to give us three nines. Royal Gold can give us three nines. Gold Coast can even give us four nines because they have the capacity to do electrolysis that can give you that kind of purity, which means that the metal that comes from the refinery is now pure gold, almost close to 24 karat gold,” he said.
He added, “Currently, we are not refining all locally, all the gold we buy locally because of limited or constrained local capacity”.
“The two refineries that we have, we project can do at optimum capacity levels, one ton, that is 1,000 kilograms of gold refining per week,” he said.
Sammy Gyamfi added that the GoldBod had adopted a gradual approach to increasing the volumes processed by the refineries.
“But we have decided to help them to crawl before they walk and before they run. So even though the agreements we have with them allow them to refine up to a ton, we’ve adopted a piecemeal gradualist approach,” he said.
“As we speak, 7.1 metric tons of the gold that the GoldBod has bought this year were refined in Ghana,” he said.
“The refining fees that would have ended up in Dubai, India, Hong Kong and other advanced countries stayed in Ghana, supporting job creation and supporting our economy,” he said.
In related news, Sammy Gyamfi, has said they are finalising a new agreement to establish one of the World’s largest gold refineries in Ghana.
The GoldBod CEO revealed that the refinery will have a processing capacity of 600 tonnes, which will make it one of the largest on the continent.
According to Sammy Gyamfi, the sod cutting for the commencement of the project will be later this year, with completion expected in 2027.
He further disclosed that the project forms part of the government’s agenda to position Ghana as a leading gold refinery hub in Africa.
Speaking to members of the National House of Chiefs during a meeting in the Ashanti Region on Friday, May 29, Sammy Gyamfi disclosed, “We’re in the process of signing a new agreement that will see to the establishment of what is going to be one of the biggest refineries in the World in Ghana.
“We will cut a sod for the establishment this year [2026], and we hope to complete it by next year [2027]. It’s going to be a 600-tonne-capacity refinery. It will refine all the gold we produce here [Ghana]; it can also refine gold from Burkina Faso, Togo, and other places. The idea is to make Ghana a hub for gold refinery,” he announced.
Also, Sammy Gyamfi has said President John Dramani Mahama wants Ghana to establish its own Gold Souk.
Speaking on Asempa FM’s Ekosii Sen, the GoldBod CEO said, “President Mahama wants us to have our own mini gold souk like Dubai has. Dubai does not have gold, but they have a gold souk where people trade in gold jewellery.
He wants us to create a golden kilometre, and on that kilometre stretch of road, we will be selling only gold jewellery, so that if anyone comes to Ghana and wants to see our gold, they can be taken there”.
A Gold Souk is dedicated to trading gold jewellery, precious stones, and rare metals.
See the post below:
7.1 metric tonnes of gold bought by GoldBod this year were refined in Ghana… – Sammy Gyamfi (CEO, GoldBod)#GHOneNews #EIBNetwork#GHOneTV #NewsAlert pic.twitter.com/2A98iAk6xA
— GHOne TV (@ghonetv) August 9, 2026
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