GoldBod refinery agreement strengthens Ghana’s push for LBMA accreditation — Rand Refinery CEO

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The Chief Executive Officer of Rand Refinery, Dean Subramanian, has described the Ghana Gold Board’s (GoldBod) refinery agreement with Gold Coast Refinery and Rand Refinery as a major boost to Ghana’s quest for accreditation by the London Bullion Market Association (LBMA).
Speaking at the signing ceremony, Subramanian said the partnership marks a critical step towards establishing a credible local refining framework that meets international standards for transparency, sustainability and responsible sourcing.
GoldBod is pursuing LBMA accreditation as part of broader efforts to enhance the reputation of Ghana’s gold exports and strengthen governance within the country’s gold sector. The partnership with Gold Coast Refinery is expected to position Ghana to meet the strict requirements of the global bullion market.
Subramanian noted that Rand Refinery remains fully committed to supporting the government’s ambition to promote local gold refining, stressing that success would depend on sustained collaboration among all partners.
“We can only achieve this through a continuous partnership between the Ghana Gold Board, Gold Coast Refinery and Rand Refinery,” he said.
He added that Rand Refinery is prepared to work closely with Gold Coast Refinery and GoldBod to establish the necessary systems and ensure all sourced gold complies with international responsible sourcing standards.
Also addressing the event, Chief Executive Officer of the Ghana Chamber of Commerce and Industry, Ing. Ken Ashigbey, pledged the Chamber’s support for GoldBod’s local refining agenda, particularly through the active involvement of large-scale mining companies.
According to him, refining gold locally is a critical step towards value addition and ethical sourcing, noting that the Chamber supports GoldBod’s collaboration with Gold Coast Refinery and Rand Refinery to secure LBMA accreditation, which would guarantee product purity and integrity.
GoldBod on Tuesday, January 20, signed the landmark gold refining agreement with Gold Coast Refinery, a move seen as a major milestone in Ghana’s efforts to deepen value addition in the gold sector.
The agreement is expected to reduce Ghana’s long-standing dependence on exporting raw gold, a practice that has led to significant revenue losses which could otherwise be retained through domestic refining and downstream processing.
Under the deal, gold from both artisanal and large-scale mining operations will be refined locally for trade and export, strengthening Ghana’s position along the global gold value chain.
Established to drive growth in Ghana’s gold industry, Gold Coast Refinery processes raw gold dust, scrap gold and other precious metals to purity levels of up to 99.99 per cent. The refinery supports Ghana’s goal of locally processing at least 30 per cent of its gold output.
Ghana is currently among the world’s top ten gold-producing countries. Beyond refining, the facility offers assaying, smelting, vaulting, transportation and export services for refined gold.