GoldBod targets zero raw gold exports by 2030 as local refining expands

The Ghana Gold Board (GoldBod) has announced plans to end the country’s export of raw minerals by 2030, as part of efforts to increase local value addition and ensure Ghana derives greater economic benefits from its mineral resources.

Chief Executive Officer of GoldBod, Sammy Gyamfi, said the Board had entered into refining services agreements with two privately owned Ghanaian refineries, Gold Coast Refinery and Royal Ghana Gold Refinery, to expand the domestic processing of gold.

According to him, the two facilities have collectively refined 25 tonnes of artisanal and small-scale mining (ASM) gold purchased and exported by GoldBod in 2026.

The volume represents approximately 30 per cent of the 85.4 tonnes of gold exported by the Board as of October 20, 2026.

Delivering a keynote address at the African Minerals Policy Forum – Mining in Motion 2026, Mr Gyamfi said the pace of local gold refining had increased significantly since August.

He disclosed that 18.7 tonnes of ASM gold had been refined locally since August 1, while 5.4 tonnes of the 5.7 tonnes purchased by GoldBod in October had already undergone local refining.

The figures, he said, reflected progress in the Board’s efforts to strengthen Ghana’s domestic refining capacity and reduce the country’s reliance on exporting unprocessed mineral resources.

“Under the visionary leadership of H.E. President John Mahama, the GoldBod is fast-changing Ghana’s tragic story of 100% raw mineral export as at the end of 2024, to zero raw mineral export by the end of 2030,” Mr Gyamfi said.

Mr Gyamfi also revealed that Gold Coast Refinery and Royal Ghana Gold Refinery were working towards obtaining accreditation from the London Bullion Market Association (LBMA) within the next three to five years.

GoldBod is providing regulatory guidance to support the refineries as they work towards meeting the requirements for international recognition.

LBMA accreditation is an important benchmark in the international bullion market, and achieving it could strengthen the standing of Ghana-refined gold among global buyers.

The development forms part of broader efforts to build local capacity for processing gold before export, potentially allowing Ghana to retain more value from its mineral production.

GoldBod’s 2030 target signals a shift towards greater domestic participation in the gold value chain, particularly through refining and other value-added activities.

By expanding local refining, Ghana aims to reduce its dependence on raw mineral exports and create opportunities for more economic activity within the country.

The progress reported by GoldBod suggests that local refining is becoming a more significant part of its gold purchasing and export operations. However, achieving the 2030 target will require continued investment in refining infrastructure, compliance with international standards and the development of sustainable local processing capacity.

The Board’s agreements with the two refineries are expected to support this transition as Ghana works to capture a greater share of the value generated by its gold resources.