GoldBod, Gold Coast Refinery Ink Weekly Deal (Ghana Pushes Local Bullion, Eyes More Revenue)
The Ghana Gold Board has signed a historic deal with Gold Coast Refinery to process one metric tonne of gold every week. The refinery will turn doré into 99.5% pure bullion before sending it out of the country. This is expected to increase the value of gold in Ghana and make the country less vulnerable to changes in commodity prices, according to EM Advisory. Ghana also gets a 15% free carried interest under the deal. This lets Ghana keep more of the money it makes locally, which is a change from the old way of exporting raw gold at low margins. Analysts say that refining gold in the US can help keep prices more stable, keep millions of dollars that are currently spent on overseas refining, and make the economy more stable. EM Advisory stresses the importance of effective scaling and compliance monitoring. They also warn that Ghana’s economy is vulnerable to volatility because it relies too much on gold, which makes up 62% of export earnings. If it works, the project could set a good example for other export goods, which would encourage local processing, job growth, and industrialization.
