Ghana's Gold Board Targets End to Raw Gold Exports by 2030 Through Local Refining Push

Ghana's Gold Board is charting an ambitious course to transform the country's gold sector by stopping all raw mineral exports by 2030, marking a significant shift in how the nation captures value from one of its most valuable natural resources. The move represents a fundamental change in Ghana's mining strategy, moving away from the practice of exporting unrefined gold that has historically cost the country hundreds of millions in lost economic value.

Chief Executive Officer Sammy Gyamfi announced that GoldBod has formalised refining partnerships with two private Ghanaian refineries: Gold Coast Refinery and Royal Ghana Gold Refinery. These facilities have already processed 25 tonnes of artisanal and small-scale mining (ASM) gold that GoldBod purchased and exported in 2026, accounting for approximately 30 per cent of the 85.4 tonnes exported as of October 20. The acceleration has been striking, with 18.7 tonnes of ASM gold refined locally since August 1 alone, demonstrating the rapid scaling of domestic capacity.

Speaking at the African Minerals Policy Forum – Mining in Motion 2026, Mr Gyamfi highlighted the dramatic turnaround. Ghana was exporting 100 per cent of its raw minerals at the end of 2024, but the government's refining initiative is reversing that trajectory. By October, GoldBod's latest purchases showed the shift in action: 5.4 out of 5.7 tonnes purchased underwent local refining, representing over 94 per cent local processing.

Building International Standards and Capacity

For Ghana's refining sector to compete globally, international accreditation is essential. Both partner refineries are working towards London Bullion Market Association (LBMA) certification within three to five years, with GoldBod providing regulatory guidance throughout the process. LBMA accreditation would allow Ghana's refined gold to meet the world's most stringent quality and ethical standards, opening doors to premium international markets and commanding better prices.

This development signals confidence in Ghana's ability to build world-class refining infrastructure. The refineries' pursuit of such certification indicates serious commitment to operational excellence and positions Ghana as a credible player in the global gold refining market rather than merely a source of raw material.

Why This Matters for Ghana

Ghana's shift towards local refining addresses one of the country's longstanding economic challenges: the leakage of value from raw mineral exports. By processing gold domestically, Ghana can capture the margins that refiners elsewhere have historically enjoyed, whilst creating skilled jobs in the refining sector and stimulating ancillary industries such as logistics, quality control, and technology services.

The strategy also strengthens government revenue through higher export values and increased tax bases. Refined gold commands premium prices compared to raw gold, directly benefiting both GoldBod and the national treasury. Additionally, localising refining reduces Ghana's vulnerability to volatile global commodity prices and foreign exchange pressures, since more of the value-addition occurs within the country.

For artisanal and small-scale miners, the formalisation through GoldBod and local refining partnerships offers legitimacy and fairer pricing, addressing long-standing concerns about exploitative middlemen and illegal smuggling. By 2030, Ghana's gold story could shift from a resource-rich nation selling unfinished products to a sophisticated refining hub with international standards, setting a template for value retention in Africa's mining sector.