Policy Analyst, Mr. Alfred Appiah, has sounded a cautionary note regarding Ghana’s newest gold value-addition strategy, urging the Ghana Gold Board (GoldBod) to adopt a more critical approach to ensure this attempt does not mirror the stagnation of previous decades.
Commenting on the heels of the 2026 landmark agreement between GoldBod and the Gold Coast Refinery, Alfred Appiah emphasized that while the goal of local refining is sound, the success of the current roadmap depends on an honest assessment of past failures.
The push for domestic refining is a vision Ghana has pursued for over 13 years, with a trail of underutilized facilities including Asap Vasa, Sahara Gold, and the recently commissioned Royal Ghana Gold.
Under the new arrangement, GoldBod plans to supply one tonne of gold per week to the Gold Coast Refinery, a move expected to retain millions of dollars in refining fees and create numerous jobs. However, experts warn that without addressing the systemic hurdles of international certification and operational scale, the facility risks becoming another “idle big boy on the block” in Ghana’s extractive history.
“That history suggests we need to be honest about what has not worked and what must be done differently this time. If this effort is to succeed where earlier ones struggled, we need to ask hard questions beyond the commendations, learn from past experiences, and ensure that the necessary conditions for sustainable value addition are actually being put in place.”
Mr. Alfred Appiah
The Certification Hurdle and Market Premium
A central concern for the extractive sector is whether the refined product can actually bypass “discount markets” to access premium global pricing.
The Analyst points out that even if a local refinery achieves the required 999.9 purity, the absence of London Bullion Market Association (LBMA) or COMEX certification could force the state to sell at lower rates. Buyers in the global elite markets rely strictly on these international credentials rather than a refinery’s self-stated purity.
The significance of this refinery lies in its ability to finally break the cycle of raw dore exports, but this requires a “concrete roadmap and timeline” for securing the necessary global stamps.
Without a clear path to accreditation, the value-addition process remains incomplete, as the gold would likely still be traded in the same secondary markets that have historically undervalued Ghana’s mineral wealth.
Profitability Risks in High-Volume Refining
Gold refining is notoriously a high-volume, low-margin business that requires consistent throughput to remain commercially viable.
Analysts are currently probing whether the planned supply of one tonne per week is sufficient to sustain the Gold Coast Refinery’s operations. While the state holds a 15% free carried interest, this equity stake only yields a return if the refinery remains profitable, a feat that has eluded several predecessors.
The lack of profitability in previous ventures was often tied to underutilization; therefore, this new deal must ensure that the refinery does not fall into the “” limited or no profitability trap.
If the state is to benefit as a shareholder, the operation must scale beyond the initial 1000-kilogram weekly target to compete with major African hubs like South Africa’s Rand Refinery, which remains the continent’s only LBMA-certified facility.
Timelines for a Sustainable Extractive Future
The credibility of the 2026 gold strategy rests on the transparency of its milestones and the speed at which it moves from “recurring talking points” to measurable results.
For over a decade, the narrative of value addition has been a staple of Ghanaian policy, yet the transition from extraction to beneficiation has been slow. Stakeholders are now calling for a definitive timeline that moves the country toward full industrialization of the gold sector.
To avoid repeating the “failed attempts” of the past, the GoldBod-Gold Coast Refinery partnership must be approached comprehensively, integrating the 24-hour economy policy to maximize production.
A sustainable model requires not just the physical infrastructure of a refinery, but a robust ecosystem of traceability and ethical sourcing that satisfies the stringent demands of modern international investors.
By addressing these hard questions today, Ghana can ensure that its gold resources serve as a catalyst for long-term economic sovereignty.
READ ALSO: Central Region Spotlighted As Rising Investment Hub
