Government Secures 15% Shares in Gold Coast Refinery
The Government of Ghana has secured a 15 percent free carried interest in Gold Coast Refinery Company Limited following the signing of a landmark refining agreement between the Ghana Gold Board (GoldBod) and the refinery, marking a major shift in the country’s approach to value addition in the gold sector.
The free carried interest announced by the Chief Executive Officer of GoldBod, Sammy Gyamfi, Esq. at the signing ceremony means that the Republic of Ghana holds shares in the refinery without making any financial contribution, while enjoying full shareholder rights, including dividends and ownership benefits.
According to Mr. Gyamfi, the equity stake makes Ghana a part-owner of the largest gold refinery in the sub-region and ensures that the country benefits directly from profits generated from refining its own gold.
He explained that Ghana, through GoldBod, will hold the 15 percent interest on behalf of the state, reinforcing government’s commitment to retaining greater value from its mineral resources.
“We are not strangers refining our gold here. That refinery is also ours,” he stated, describing the equity arrangement as a strategic win for economic sovereignty and long-term national interest.
The free carried interest forms part of a broader refining agreement under which up to one metric tonne of gold which is equivalent to 1000 kilograms of gold exported by GoldBod will be refined locallyevery week, beginning February 1, 2026.
The agreement follows government’s discovery that Gold Coast Refinery, commissioned in 2016, had been significantly underutilized despite being the largest refinery in the sub-region.
Subsequent technical assessments and reforms, led by GoldBod, have since positioned the refinery to operate at higher capacity and meet international standards.
Mr. Gyamfi further disclosed that the partnership has been strengthened by the involvement of Rand Refinery, Africa’s only LBMA-accredited refinery, whose technical expertise is expected to help Ghana achieve an LBMA-accredited refinery status.
He noted that the agreement aligns with President John Mahama’s directive to move Ghana away from raw gold exports toward full value optimization, ensuring that gold refined in Ghana is responsibly sourced, traceable, and refined to a minimum purity of 99.5 percent.
The acquisition of a 15 percent free carried interest in Gold Coast Refinery represents a decisive policy shift, one that transforms Ghana from a mere supplier of raw gold into a shareholder in the refining value chain.
By combining ownership, local refining, and international best practices, the agreement positions Ghana to capture greater economic returns from its gold resources while setting a new standard for value addition, transparency, and sustainability in the sector.
