Africa’s only globally accredited gold refinery looks to Ghana after South African output leaves it half empty - africa.businessinsider.com

AI desk brief

Rand Refinery is turning to Ghanaian small-scale and artisanal output to fill capacity as South African mine supply declines, with Ghana’s artisanal sector hitting a record 104 tonnes in 2025 and generating nearly $11bn in FX. The refinery is working with Gold Coast Refinery and the Ghana Gold Board to bring responsibly sourced metal into formal markets, with both sides aiming for LBMA/OECD-compliant sourcing and eventual accreditation.

The deal is a supply-chain positive for the bullion market: it could channel more West African gold into internationally accepted bars while helping Ghana retain more refining value domestically. Rand Refinery is currently operating at roughly half capacity, underscoring the structural shift away from South Africa’s aging mines toward West African production.