GoldBod to Begin Operations in May – Sammy Gyamfi
Sammy Gyamfi the Chief Executive Officer of GoldBod has revealed that the newly established GoldBod entity will officially commence operations in the first week of May 2025. GoldBod, a government-backed initiative holds the exclusive mandate to buy, sell, weigh, grade, assay, and export gold and other precious minerals in Ghana.
Speaking during a courtesy visit to the Gold Coast Refinery in Accra, Mr. Gyamfi emphasized that the operationalization of GoldBod marks a major step toward achieving the government’s long-term goal of adding value to the country’s mineral resources.
GoldBod is a strategic vehicle to actualize Ghana’s vision of transforming from a raw material exporter to a value-added economy in the mineral sector, Gyamfi stated.
He highlighted plans to transition from the export of unrefined gold (dore bars) to refined gold (bullion) ensuring that the nation reaps maximum benefits from its natural resources. The partnership with local refineries including the Gold Coast Refinery, will be key to this transformation.
The Gold Coast Refinery—West Africa’s largest gold refinery—was originally commissioned by President John Dramani Mahama on November 11, 2016. However, it has reportedly seen little activity over the past eight years.
This is the sad story of the biggest gold refinery in West Africa, located here in Accra, Ghana. But we at GoldBod are determined to revive it and pursue a clear path toward LBMA (London Bullion Market Association) accreditation, Mr. Gyamfi noted.
He further announced that Ghana through GoldBod, now holds a 15% free carried interest in the refinery—a move he credited to the visionary leadership of former President Mahama.
Thanks to the leadership of H.E. John Dramani Mahama, Ghana now maintains a free carried interest of 15% in this beautiful refinery, he added.
The rollout of GoldBod is expected to bring transparency, accountability and significant revenue gains to Ghana’s gold sector. It also signals a shift from foreign-dominated gold transactions to a more Ghana-centric approach, empowering local industry players and boosting the economy.
With operations set to begin in May, industry watchers and stakeholders are optimistic that GoldBod will usher in a new era of growth, value addition, and national pride in Ghana’s gold industry.