How To Refine Gold In Ghana
What is the meaning of gold refining in Ghana? Ghana is a major gold producer, and the refining process is crucial for converting raw gold (known as doré bars) into a high-purity product. Gold refining is the process of purifying raw or impure gold into high-quality bullion (often 99.9% pure).
What is the current exchange rate of Gold in the World market?
The current price for an ounce of gold on the global market is approximately US$3,395.09, while one gram is priced at around US$109.15
What are the processes one must go through to become a licensed gold refiner in Ghana?
Legal Entity:
You must first set up a business entity in Ghana—typically a limited liability company or similar structure
Register with key institutions:
Registrar General’s Department (company incorporation).
Ghana Revenue Authority (GRA) for tax registration.
Social Security and National Insurance Trust (SSNIT) for compliance.
Legal Stone Solicitors LLP
Foreigners may also need a GIPC certificate if there’s foreign ownership
Prepare Application for Refining License (GoldBod)
Gather the following governance and legal documents required for your application:
Company details (incorporation certificate, directors, shareholders, addresses, contact info).
Police clearance reports, litigation disclosures, IDs of key officials.
Ghana Gold Board
Company profile and operational plan.
Meet operational requirements:
Secure premises (vaulting centers) with title deed or lease.
Obtain relevant permits (EPA for environmental, local business permit).
Quality certifications (e.g., ISO 9001, ISO 14001, ISO/IEC for labs).
Safety and security measures: CCTV, class 4 safes, intrusion alarms, fire systems, insurance, security assessors.
Have the necessary refining equipment:
Equipment for chemical refining: aqua regia system, electrolytic refining, melting/casting tools.
Analytical tools like XRF analyzers.
Fulfill financial requirements:
Provide working capital covering at least 6 months of operational expenses, with evidence of funds.
Audited financial statements (past year), business plan, financial projections (2 years).
SSNIT and tax clearances.
Application & Interview Process
Apply through GoldBod’s online portal (when live for refining licenses—expected from July 2025 onward).
Ghana Gold Board
The Ghana Gold
Shortlisted applicants will be interviewed by GoldBod’s Supervision Department.
Governance and Compliance Setup
Ensure your facility has:
A Professional Metallurgist.
Chartered Accountant.
Security Coordinator.
External audit firm.
Written SOPs, internal control systems, and policies for responsible sourcing, AML, anti-bribery, and supply chain management.
Licensing Fees & Renewal
Pay required fees:
Application processing fee.
Initial license fee upon approval.
Annual renewal fee by January 31 each year.
License typically valid for 12 months. Renewal depends on compliance and timely filing of monthly returns.
Ongoing Compliance & Oversight
Submit monthly returns on gold refined and kept.
GoldBod has first purchase rights over the refined gold; must sell to licensed dealers/exporters if GoldBod declines.
Ghana Gold Board
Non-compliance can lead to license revocation.
How To Refine Gold In Ghana?
The Standard Process for Sellers/Miners
methods include:
Smelting – heating gold with flux to separate impurities.
Chemical Refining (Aqua Regia method) – dissolving gold in a mixture of acids and extracting pure gold.
Electrolytic Refining – using electricity to deposit pure gold onto cathodes.
Work with Licensed Facilities
In Ghana, refining gold can only be done legally at licensed refineries. The Precious Minerals Marketing Company (PMMC) historically managed this role, but as of 2025, the new Ghana Gold Board (GoldBod) regulates refining and trading.
Licensed refineries in Ghana use modern techniques such as aqua regia and electrolytic refining to meet international purity standards.
Legal Requirements
To refine gold legally in Ghana, you must:
Register a business with the Registrar General’s Department.
Get authorization from the Ghana Gold Board (GoldBod).
Meet safety, environmental, and security standards.
Comply with Anti-Money Laundering (AML) and responsible sourcing guidelines.
Pay the required licensing and renewal fees.
The Refining Process in Practice
Collection – Raw gold (dore bars or dust) is delivered to the refinery.
Melting/Assaying – The gold is melted and tested for purity.
Refining – Using smelting, aqua regia, or electrolytic processes to purify the gold.
Casting – The refined gold is cast into bars or ingots.
Certification – The refinery issues an assay certificate showing purity levels.
Exporting Refined Gold
Only licensed exporters working with GoldBod can export refined gold from Ghana. The refined gold must be sold through official channels to ensure compliance and traceability.
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