List of Gold Refineries in Ghana and their Locations

List of gold refineries in Ghana: Ghana, Africa’s leading gold producer, has long been synonymous with the precious metal, earning its colonial moniker “Gold Coast.”

With output reaching approximately 4.8 million ounces in 2024—up 8.5% from the previous year—and exports valued at $11.64 billion, gold accounts for over 90% of mineral exports and more than half of total export earnings. 

The country’s mining sector contributes about 5.7% to GDP and generated a record GH₵11.55 billion (US$980 million) in taxes in 2023.

  Yet, until recently, Ghana exported much of its gold as semi-processed doré bars, forgoing value-added refining abroad.

This has changed dramatically in the 2020s, driven by government initiatives to localize processing, curb smuggling, and bolster foreign reserves.

By September 2025, the Bank of Ghana’s gold holdings stood at 32.99 tonnes, up from 8.77 tonnes in 2022, fueled by strategic purchases and refining efforts.

The gold refining industry in Ghana is nascent but rapidly expanding, with a handful of licensed facilities transforming raw ore into 99.99% pure bullion compliant with London Bullion Market Association (LBMA) standards.

These refineries not only enhance economic retention—potentially adding $500–$1,000 per kilogram through local processing—but also create jobs, promote sustainability, and integrate artisanal small-scale mining (ASM), which accounts for 30–40% of output. 

As of 2025, operations face regulatory evolution under the Ghana Gold Board (GoldBod), established in 2024 as the sole authority for buying, selling, assaying, and exporting gold. 

This overview lists key refineries, explores their operations, regulatory framework, economic impacts, challenges, and future prospects, providing a comprehensive guide for investors, miners, and policymakers.

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Key Gold Refineries in Ghana: A Curated List

Ghana’s refining landscape is concentrated in Accra and Tema, with facilities licensed by the Minerals Commission and Precious Minerals Marketing Company (PMMC).

Below is a table summarizing the major operational refineries as of September 2025, based on capacity, ownership, and services.

Note that while GoldBod oversees aggregation, these entities handle refining under its framework. Smaller or emerging players exist, but the focus here is on established ones with verifiable output.

This list represents the core players; others like PMMC’s assay facilities support refining but do not process at scale.  Combined, they process over 1,500 kg daily, targeting 20–30% of Ghana’s 130+ tonnes annual ASM output.

List of Gold Refineries in Ghana Explained

Gold Coast Refinery Ltd.

Located near Kotoka Airport, Gold Coast Refinery, a Euroget Group subsidiary, leads with a 480 kg/day capacity. Established in 2016, it processes doré from large mines like Obuasi and ASM sources into 99.99% pure bullion.

Services include XRF/fire assaying, smelting, secure vaulting for 100+ tonnes, and LBMA-compliant exports. Employing advanced traceability, it supports Ghana’s $11.64 billion gold export market, creating jobs and training youth in metallurgy. (80 words)

Royal Ghana Gold Refinery

Launched in August 2024, Royal Ghana, a public-private venture (80% Rosy Royal Minerals, 20% Bank of Ghana), refines 400 kg/day of ASM doré into LBMA-grade bullion.

Based in Accra, it offers assaying, minting Ghanaian-insignia bars, and storage. Employing 80–120 directly and 500 indirectly, it boosts local economies and supports BoG’s reserve-building. Its focus on responsible sourcing enhances Ghana’s global gold credibility. (79 words)

Sahara Royal Gold Refinery

Operating in Tema since 2019, Sahara Royal, a Ghanaian-owned refinery, processes 200–300 kg/day. It offers melting, assaying, and refining to 99.99% purity, alongside export documentation and secure transport.

While pursuing LBMA certification, it serves both ASM and large-scale miners. Its strategic port proximity aids logistics, contributing to Ghana’s $2–3 billion value-added refining potential, though power supply challenges persist. (80 words)

Sewia Mining & Refinery Ltd.

Sewia, based in Accra’s Ga West since 2016, refines 150–250 kg/day under GoldBod’s SFA license (GGB/SFA/SF0108/753/25).

This Ghanaian-owned firm aggregates, smelts, assays, and delivers LBMA-compliant bullion, emphasizing no upfront fees for miners.

Operating across multiple countries, it supports traceability via blockchain, enhancing transparency. Sewia’s role in GoldBod’s 3-tonne weekly purchases drives Ghana’s reserve growth and job creation. (80 words)

Asanska Gold Refinery

Established in 2020 in Accra, Asanka refines 100–200 kg/day, focusing on trading and refining for ASM and commercial clients.

Licensed by PMMC, it provides smelting, assaying, export services, and storage, producing LBMA-compliant bullion.

Its smaller scale supports local jewelers and SMEs, contributing to Ghana’s $980 million mining tax revenue. Asanka’s growth aligns with GoldBod’s localization push, though it faces competition from larger refineries. (80 words)

Operations: From Dore to Bullion

Gold refining in Ghana begins with doré bars—semi-refined gold-silver alloys from mines—arriving via secure transport. Processes mirror global standards: crushing, milling, chemical leaching (e.g., cyanide or aqua regia), electrolysis for purification, and casting into bars.

Facilities like Gold Coast employ advanced XRF spectrometers and fire assay for 99.99% accuracy, ensuring traceability via blockchain or PMMC certification.

Gold Coast Refinery, the pioneer, handles 480 kg daily, sourcing from large-scale mines like AngloGold Ashanti’s Obuasi and ASM aggregators.

Its airport location facilitates swift exports, with vaulting for 100+ tonnes.  Royal Ghana, launched in August 2024, focuses on ASM doré, processing 400 kg/day into LBMA-grade bars embossed with Ghanaian insignia— a first for the nation.

  It employs 80–120 directly, creating 500 indirect jobs in logistics and security.  Sahara Royal in Tema emphasizes export support, while Sewia integrates aggregation under GoldBod’s SFA license (No: GGB/SFA/SF0108/753/25), ensuring no upfront fees for miners.  Asanka rounds out the list with trading-focused refining.

From October 2025, GoldBod will mandate local refining for its purchases (3+ tonnes weekly), partnering with these facilities and introducing fire assay labs at Kotoka Airport for ISO-certified testing.  This shift from XRF/water density methods enhances credibility, targeting bullion over doré exports.

Regulatory Framework: From Export Controls to Value Addition

Ghana’s refining sector operates under the Minerals and Mining Act (2006, Act 703) and Regulations (L.I. 2173), overseen by the Minerals Commission, PMMC, Bank of Ghana (BoG), and now GoldBod. 

Licenses require Mineral Dealer and Refinery permits, with monthly reporting on volumes and AML compliance.  Exporters must supply a percentage of refined gold locally, per ministerial quotas.

GoldBod, seeded with $279 million, holds monopoly on ASM gold trading, buying from licensed aggregators and exporting via refineries to build reserves. 

A $1 billion MoU with Goldstream Global (September 2025) funds a state-owned refinery and 300 responsible mines, emphasizing LBMA compliance.

  Localization policies (L.I. 2431) cap expatriate hires at two per firm, prioritizing Ghanaians.  Environmental bonds and OECD due diligence audits are mandatory, addressing mercury use in ASM.

Economic Impacts: Jobs, Reserves, and Value Chain Boost

Refineries amplify Ghana’s gold economy, retaining 20–30% more value per ounce through local processing—potentially $2–3 billion annually by 2030. 

GoldBod’s operations generated $6 billion from ASM exports in January–August 2025 alone, surpassing 2024’s total. 

Facilities like Royal Ghana create 500+ indirect jobs in assaying, minting, and logistics, while skill programs under Euroget train youth in metallurgy.

Broader benefits include stabilizing the cedi (gold prices hit $2,500/oz in 2025) and funding infrastructure via royalties (3–6% of revenue). 

Partnerships like BoG’s $5 billion ASM purchases since 2021 have doubled reserves, cushioning forex shocks.  Downstream, refineries enable jewelry fabrication and coin minting, fostering SMEs.

Challenges: Environmental Perils and Smuggling Shadows

Despite progress, hurdles loom. Illegal galamsey mining—employing 1–2 million—produces 30% of gold but causes mercury pollution (up to 38x limits in rivers) and deforestation of 10,000+ hectares yearly. 

This undermines LBMA certification, as buyers demand clean supply chains; non-compliant gold risks market exclusion.  Smuggling siphons $2–3 billion annually, fueled by porous borders and opaque pricing.

Regulatory gaps persist: Policy uncertainty from 2025 mining reforms (e.g., higher takes) deters investors, per the Ghana Chamber of Mines. 

Infrastructure lags—power outages disrupt electrolysis—and high costs ($1,200–1,500/kg) challenge small refineries.  Transparency issues, like tentative export valuations, inflate discrepancies between BoG and Minerals Commission data.

Opportunities and Future Horizons: Toward Sustainable Brilliance

The horizon gleams with promise. GoldBod’s October 2025 refining mandate could capture 50% of ASM gold locally, generating $1–2 billion extra revenue. 

The state-owned refinery with Goldstream will process 500+ kg/day by 2027, integrating green tech like bioleaching to cut emissions 30%.  Rising prices ($2,000–2,300/oz projected for 2026) and China’s demand offer tailwinds.

Opportunities abound in ASM formalization: Licenses for 300 responsible mines via the $1B MoU will channel galamsey into compliant ops, creating 50,000 jobs. 

International partnerships—e.g., LBMA audits and OECD standards—position Ghana as a hub, inspiring neighbors like Burkina Faso.  Investments in traceability (e.g., Sewia’s blockchain) and skills training could yield 10–15% efficiency gains.

In conclusion, Ghana’s gold refineries embody a transformative pivot from extraction to value creation, with facilities like Gold Coast and Royal Ghana leading the charge.

Yet, success hinges on taming galamsey, enforcing transparency, and leveraging GoldBod’s monopoly for equity. For stakeholders, the message is clear: Invest in compliance and sustainability to unlock a $10+ billion sector by 2030. As President Mahama’s “reset agenda” unfolds, Ghana’s refineries could redefine Africa’s gold narrative—from raw exporter to refined powerhouse.