By Professor Rufai Haruna Kilu
University of Professional Studies, Accra haruna.rufai@upsamail.edu.gh
Introduction
The Ghana Gold Board (GoldBod) has just made a significant move by signing a groundbreaking agreement with Gold Coast Refinery Ltd. This deal will see one tonne (1,000 kilograms) of gold refined every week, marking a crucial step in Ghana’s ongoing effort to enhance the value of its mineral resources and boost local involvement in the gold value chain. This agreement represents a shift from the traditional practice of exporting mostly unrefined gold, paving the way for a more integrated refining process right here in the country. This new model promises to bring about wide-ranging socioeconomic benefits, promote greater gender inclusion, and adopt a sustainability-focused approach that aligns with the nation’s development goals.
Socioeconomic benefits
At the core of this agreement is the idea of adding value. By refining gold right here in Ghana, we keep a bigger slice of the mineral’s worth within the country, which not only boosts our foreign exchange earnings but also cuts down on the costs tied to sending it abroad for refining. This move not only strengthens our balance of payments but also enhances Ghana’s reputation as a go-to place for precious-metal refining in the region.
The plan to refine one tonne of gold each week is set to create jobs throughout the entire value chain. This includes everything from technical and lab positions to roles in logistics, security, and support services. Also, there will be indirect job opportunities for suppliers, transporters, equipment maintenance companies and small businesses that thrive around the refinery ecosystem.
This partnership also plays a crucial role in formalizing artisanal and small-scale mining (ASM). By offering a dependable and transparent local option for off-take and refining. GoldBod can help channel responsibly sourced gold into the formal economy, improve traceability, and boost tax and royalty revenues for national development.
Most importantly, this agreement fosters skills transfer and builds local capacity. Ghanaian technicians, engineers, and metallurgists will gain practical experience in modern refining techniques, which will help cultivate a skilled workforce and lessen our long-term reliance on foreign expertise.
Gender, diversity and inclusion
The collaboration between GoldBod and the Gold Coast Refinery is a fantastic chance to push for greater gender inclusion in the mining and minerals industry, which has long been a masculinity and male-dominated field. To start, the refinery model opens up a variety of job opportunities that go beyond just extraction. Roles in quality assurance, assaying, environmental management, finance, administration, and marketing are all areas where women can not only get involved but also grow into leadership positions.
Additionally, this agreement supports ongoing initiatives to bring women from the artisanal and small-scale mining (ASM) sector into formal markets. By fostering transparent buying and refining processes, women traders and processors who often struggle with access to capital and markets can benefit from fair pricing, safer working conditions, and more stable incomes.
Finally, with intentional policies focused on recruitment, training and mentorship, the refinery has the potential to set a standard for gender-responsive industrial development. By committing to equal pay for equal work, ensuring safe workplaces, providing maternity protections, and creating pathways for women into leadership. This initiative would not only support national gender equality goals but also align with the Sustainable Development Goals (SDGs).
Sustainability Course of the Refinery
Sustainability is central to the long-term success of domestic gold refining. The agreement underscores an approach that balances economic gains with environmental protection and social responsibility.
Environmentally, modern refining technology reduces emissions, improves energy efficiency and ensures responsible handling of chemicals and waste. Compliance with Environmental Protection Agency (EPA) standards and international best practices will minimize the ecological footprint of refining operations.
Social sustainability is also key. By sourcing gold through transparent, traceable channels, the refinery supports responsible mining practices and discourages illegal mining (galamsey). Community engagement, health and safety standards and local procurement policies will help ensure host communities share in the benefits of the refinery’s operations.
From an economic sustainability standpoint, consistent weekly refining volumes provide predictability for investors and market actors, encouraging reinvestment and innovation within the sector. Over time, this could pave the way for downstream industries such as jewellery manufacturing and bullion trading, further deepening Ghana’s mineral value chain.
Policy implications
The gold refining agreement aligns perfectly with the government’s larger goal of establishing a 24-hour economy that opens up ongoing opportunities across various industries. To meet the refinery’s weekly output targets, it will require non-stop operations with multiple shifts, careful supply chain management, and efficient export logistics, all essential for a thriving economic ecosystem. Additionally, related services like transportation, catering, energy distribution, and banking are set to grow due to this constant operational demand. This partnership serves as a shining example of industrial initiatives that promote continuous productivity, efficiency, and job creation around the clock.
Conclusion
The Gold Board and Gold Coast Refinery agreement is more than a commercial arrangement; it is a strategic intervention to transform Ghana’s gold industry. By delivering socioeconomic benefits, promoting gender inclusion and embedding sustainability into operations, the initiative positions Ghana to move decisively from raw gold exporter to value-adding industrial player to unlocking shared prosperity today and for generations to come.
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