Private aggregators, not state, will bear local refining costs – GoldBod
The Ghana Gold Board (GoldBod) says the cost of refining gold locally will not be borne by the state institution, but rather by self-financing gold aggregators and their approved foreign offtakers.
The Ghana Gold Board (GoldBod) has clarified that the cost of locally refining gold will be borne by private gold aggregators and their approved foreign customers, rather than the state institution. Media Relations Officer Prince Kwame Minkah made these remarks during an interview on Joy FM’s Middaynews on September 1. He stated that this arrangement aims to maximize Ghana's economic value from its gold resources without imposing additional financial burdens on GoldBod.
The operational directive under the Ghana Gold Board Act, 2025 (Act 1140) mandates that refining costs be absorbed by self-financing aggregators or their approved foreign offtakers. Minkah emphasized that commercial parties will absorb the refining costs, and these charges will be settled directly between private parties and approved local refineries before the Gold Board clears the export documentation.
This arrangement ensures that GoldBod's net revenue and statutory fees remain unchanged. By refining gold domestically to 99.99% purity, Ghana can capture additional value that would otherwise be lost when raw gold is exported for processing abroad. Unrefined gold, containing impurities like silver and copper, is typically exported at a discount, limiting Ghana's revenue.
The policy is expected to support job creation and industrialization by strengthening the domestic refining sector, fostering technical skill development, and creating opportunities for related industries.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
