The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has disclosed that the board has purchased 1.8 tonnes of raw gold from large-scale mining companies over the past two months for local refining and addition to Ghana’s national reserves.
Speaking at the Mining in Motion Conference in Accra on Tuesday, October 20, 2026, Mr. Gyamfi said the initiative allows GoldBod to acquire gold in its unrefined form in Ghana rather than purchasing refined gold that has already been processed abroad.
“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.
According to him, the gold purchased from the mining companies undergoes local refining before being sent to a London Bullion Market Association (LBMA)-accredited refinery for smelting and stamping ahead of its inclusion in the national reserves.
Mr. Gyamfi said the initiative forms part of efforts to increase domestic value addition and strengthen Ghana’s capacity to retain more benefits from its gold resources.
He also disclosed that local refining of gold from the artisanal and small-scale mining sector reached 95 per cent in October, reflecting progress in efforts to expand gold processing within the country.
However, he identified the high cost of doing business as a major challenge facing local refineries, stressing that a more favourable business environment would be necessary to sustain operations and expand refining capacity.
The disclosure comes as African countries intensify discussions on how to process more of their mineral resources locally instead of exporting them in raw form.
The Mining in Motion Conference, held from October 19 to 21 in Accra, is part of the African Minerals Policy Forum (AMPF–MiM) 2026.
The gathering brings together policymakers, mining companies, investors and development partners to discuss mineral governance, regional cooperation and strategies to increase local processing and value addition across Africa.
Held under the theme “One Continent. One Voice on Minerals: Aligning Africa’s Mineral Future,” the conference seeks to strengthen cooperation among African countries and promote greater economic benefits from the continent’s mineral wealth.
For Ghana, expanding local gold refining could help deepen domestic participation in the gold value chain while supporting efforts to build national reserves through gold purchased and processed within the country.
