Ghana GoldBod, Gold Coast Refinery sign deal to refine gold locally
Agreement aims to end Ghana’s reliance on raw gold exports, retain foreign exchange locally, and create jobs through 24-hour refinery operations.
The Ghana Gold Board (GoldBod) signed on Tuesday a gold refining agreement with Gold Coast Refinery, a subsidiary of Egypt’s Euroget Group, marking a major milestone in Ghana’s drive to deepen value addition and strengthen its gold value chain.
Speaking at the signing ceremony in Accra, Ghana’s capital, GoldBod Chief Executive Officer Samuel Gyamfi said that the partnership would reverse Ghana’s age-old dependence on raw gold exports and their fiscal implications for the country.
Gyamfi said the agreement would significantly boost traceable gold production and enhance export earnings, noting that foreign exchange currently spent on refining Ghana’s gold in other countries such as India would now be retained within the domestic economy.
“This agreement also means we are creating more direct and indirect jobs, particularly because Gold Coast Refinery has committed to operating a 24-hour schedule, in line with the government’s 24-hour economy policy,” Gyamfi added.
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Said Deraz, chairman and chief executive officer of Gold Coast Refinery, said the refinery built in Ghana 10 years ago is a fully-equipped, world-class, and modern refinery, with an annual refining capacity of 180 metric tons of gold.
“Our continent is rich in mineral resources and also in talent, and Ghana is leading the change by taking real steps toward economic independence and greater control over its natural resources,” Deraz said.
