In a strategic move to transform Ghana’s gold trading sector, Goldbod, under the leadership of CEO Sammy Gyamfi ESQ, is set to shift the nation away from raw gold exports toward value-added processing.
This initiative, aligned with the vision of former President John Dramani Mahama, aims to modernize Ghana’s gold sector and enhance domestic refining capacity.
During a visit to Gold Coast Refinery, Gyamfi emphasized the company’s commitment to supporting downstream gold fabrication, ensuring that gold is refined locally before export.
“Very key to the functions of Goldbod is a pursuit of value addition.
“His Excellency John Dramani Mahama has directed us to take the necessary steps to move Ghana away from exporting raw gold toward bullion processing.”
Sammy Gyamfi ESQ, CEO of Goldbod
This initiative includes allocating refined gold to artisans involved in fabricating jewelry, coins, tablets, and ornaments, boosting Ghana’s domestic gold industry.
Goldbod’s establishment comes at a crucial time, with the passing of the Goldbod Act, officially recognizing the company’s role in structuring, regulating, and optimizing Ghana’s gold trading sector.
“Goldbod is now operational and preparing to commence business by the first week of May.
“Our primary goal is to purchase and export gold to raise much-needed foreign exchange for Ghana, stabilize our currency, and support gold reserve accumulation by the Bank of Ghana.”
Sammy Gyamfi ESQ, CEO of Goldbod
During the visit, Gyamfi emphasized that Goldbod is keen on exploring local refining opportunities, beginning with the Gold Coast Refinery—Ghana’s premier and largest gold refinery with a processing capacity of 480 kilograms per day.
“This refinery is the biggest in Ghana and one of the biggest in West Africa.
“We are determined to partner with you to get this refinery working on terms that benefit the people of Ghana.”
Sammy Gyamfi ESQ, CEO of Goldbod
He described the facility as an underutilized national asset, commissioned in 2016 by President Mahama but subsequently neglected during the past eight years under the New Patriotic Party (NPP) administration.
“This is the sad story of the biggest gold refinery in West Africa, located right here in Accra.
“But we at Goldbod, as part of our value addition strategy, are determined to revive this refinery, working toward LBMA accreditation to ensure we derive maximum benefits from our gold resources.”
Sammy Gyamfi ESQ, CEO of Goldbod
15% Free Carried Interest to Government
the CEO and Chairman of the Board of Gold Coast Refinery announced a goodwill gesture by offering the Government of Ghana, through Goldbod, a 15% free carried interest in the refinery.
“This is a gift from us. His Excellency John Dramani Mahama, whom I respect immensely, was the one who supported this refinery during its founding.
“From securing the location to backing the vision, he made it possible. Now that he’s back as President, we are honoured to offer this stake to the republic.”
CEO and Chairman of the Board of Gold Coast Refinery
This partnership is expected to serve as a cornerstone in Ghana’s effort to establish itself as a gold refining and trading hub, not just for its domestic output but also for West African gold.
The visit to the Gold Coast Refinery marks a turning point in Ghana’s gold industry. With clear political support, a legal mandate, and a strategy for value addition, Goldbod is positioned to redefine Ghana’s approach to gold production and export.
Ghana’s gold industry is at a crossroads. With Goldbod’s push for local gold processing, collaboration with Gold Coast Refinery, and Mahama’s directive to restructure the sector, Ghana could finally fully capitalize on its rich gold resources.
As preparations for Goldbod’s official business launch continue, stakeholders remain hopeful that this initiative will redefine the country’s gold industry, ensuring a sustainable and profitable future for Ghana.
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