GoldBod buys 1.8 tonnes of raw gold from large-scale miners for local refining

The Ghana Gold Board (GoldBod) has purchased 1.8 tonnes of unrefined gold from large-scale mining companies over the past two months as part of efforts to expand local refining and strengthen Ghana’s gold reserves.

Chief Executive Officer of GoldBod, Sammy Gyamfi, said the Board had started buying gold directly from large-scale mining companies in its raw form in Ghana, rather than purchasing the refined product after it had been processed abroad.

Speaking in an interview with Bernard Avle at the Mining in Motion Conference on Tuesday, October 20, 2026, Mr Gyamfi said the initiative would enable more gold produced in Ghana to undergo local refining before being added to the country’s reserves.

“Now we are buying. We started buying two months ago and so far we’ve bought 1.8 tons from large-scale mining companies, and we buy that in raw form in Ghana. We refine it locally and we add it to the reserves,” he said.

Mr Gyamfi explained that the gold purchased from large-scale miners undergoes local refining before being sent to a London Bullion Market Association (LBMA)-accredited refinery for smelting and stamping ahead of its addition to Ghana’s reserves.

The approach forms part of GoldBod’s broader strategy to retain more value from the country’s mineral resources by expanding domestic processing and reducing reliance on overseas refining.

By purchasing unrefined gold directly from mining companies, the Board aims to strengthen local participation in the gold value chain while supporting efforts to build Ghana’s gold reserves.

The initiative also builds on progress made in refining gold from the artisanal and small-scale mining (ASM) sector, where local refining reached 95 per cent in October, according to Mr Gyamfi.

The expansion of local refining is expected to support the development of Ghana’s domestic refining industry and increase the proportion of gold processed within the country.

Despite the progress, Mr Gyamfi identified the high cost of doing business as a major challenge facing local gold refineries.

He stressed that creating a favourable business environment would be essential to sustaining the industry’s growth and expanding the capacity of domestic refining facilities.

High operating costs could affect the ability of local refineries to compete and handle increasing volumes of gold produced by Ghanaian mining companies.

The GoldBod CEO’s comments highlight the need for continued investment and supportive business conditions as Ghana seeks to expand local refining and capture more economic benefits from its gold resources.

GoldBod’s purchases from large-scale miners represent another step in the Board’s efforts to increase domestic processing and strengthen the country’s gold reserves through locally refined gold.