The CEO of Goldbod, Lawyer Sammy Gyamfi has announced that the entity will begin operations in the first week of May, marking a significant milestone in Ghana’s mining sector.
As the sole authority responsible for buying, selling, weighing, grading, assaying, and exporting gold and other precious minerals, Goldbod’s operationalization will set the government’s vision to add value to mineral resources in motion.
Established to regulate the gold industry, Goldbod aims to create a transparent and accountable system for gold trading, ensuring that the country derives maximum benefits from its gold resources.
The entity’s mandate includes purchasing, selling, and exporting gold, as well as providing a platform for local gold buyers and sellers to operate.
The operationalization of Goldbod is expected to have a positive impact on the mining sector, with the entity’s focus on value addition and export of refined gold.
The MD made the announcement during a courtesy visit to the CEO of Gold Coast Refinery, a facility commissioned by H.E. John Dramani Mahama in 2016 but abandoned by the previous administration.
Sammy Gyamfi expressed his determination to revive the refinery, highlighting its potential to generate benefits for the nation. “This is the sad story of the biggest Gold refinery in West Africa, located here in Accra, Ghana – Gold Coast refinery,” Gyamfi said.
“But we at GoldBod, as part of our value addition strategy, are determined to get this refinery working, with a clear pathway to LBMA accreditation, to generate the needed benefits for the nation” he added.
The partnership between Goldbod and Gold Coast Refinery aims to transition Ghana from exporting unrefined gold to refined gold.
Lawyer Sammy Gyamfi emphasized the benefits of this partnership, stating, “Thus, in the short term, we shall move Ghana from the export of unrefined gold (dore’ bars) to refined gold (bullion) in partnership with Gold Coast refinery and other local refineries to optimize national benefits.”
Notably, Ghana now holds a 15% free carried interest in the refinery, thanks to the leadership of H.E. John Dramani Mahama.
“The exciting news is that, Ghana through the GoldBod, now maintains a free carried interest of 15% in this beautiful refinery, thanks to the leadership of H.E. John Dramani Mahama – the visionary,” Sammy Gyamfi said.
The operationalization of Goldbod and the revitalization of the Gold Coast Refinery are expected to have a positive impact on Ghana’s economy, creating jobs, increasing revenue, and promoting local content in the mining sector.
The development is also expected to enhance Ghana’s position as a major gold producer in Africa, with the potential to increase its gold exports and foreign exchange earnings.