African gold producers are moving to refine more of their metal before it leaves the continent, as governments seek a larger share of the refining, trading, storage and reserve business now concentrated in foreign hubs.
Ethiopia opened a $50 million national precious metals refinery this month. Kenya plans to ban exports of unprocessed gold. Ghana aims to end raw mineral exports by 2030. Officials in each country say the goal is greater visibility over production, more trade through licensed channels and a larger share of mineral wealth recorded in official accounts. The results will depend on a steady supply of legally sourced gold and on buyers willing to accept the bars these plants produce.
A Regional Bid
Ethiopia’s National Precious Metals Refinery, inaugurated on October 10 in the Bole Lemi Special Economic Zone in Addis Ababa, is a venture between Ethiopian Investment Holdings, the state investment company, and Sam Precious Metals of Dubai. The partners say the plant is meant to draw gold from neighbouring countries and establish the capital as a regional trading centre.
The refinery’s announced capacity is more than 600 tonnes of precious metals a year. That figure measures what the plant can process, and filling it will depend on supply from beyond Ethiopia’s own mines. The project’s commercial case rests on persuading regional suppliers that Addis Ababa offers competitive terms.
Kenya is taking a more restrictive route. President William Ruto said in September that the government would prohibit exports of unprocessed gold and require the metal to move through approved domestic channels. “We’re going to make it illegal for anybody to export gold from Kenya if it’s not processed and through approved government channels,” Ruto told reporters in Kisumu. The government also plans at least three refineries in Kakamega and Nairobi, with the Central Bank of Kenya given priority in domestic purchases.
Kenya’s mining department estimates national output at about 300 kilograms a month, with unregulated artisanal and small scale miners accounting for more than 90%. It puts annual forgone royalties at about 1.2 billion shillings ($9.3 million). The plan aims to bring that dispersed trade into a system the state can monitor, tax and draw on for reserves.
Ghana Shows Early Throughput
Ghana offers the clearest data on domestic refining at work. The Ghana Gold Board, known as GoldBod, has agreements with Gold Coast Refinery and Royal Ghana Gold Refinery. By October 20, the two plants had refined 25 tonnes of artisanal and small scale gold that the board bought and exported in 2026, about 30% of its 85.4 tonnes of exports this year, according to GoldBod.
Volumes are rising. The board said 18.7 tonnes had been refined locally since August 1, and 5.4 tonnes of the 5.7 tonnes it bought in October went through domestic refineries.
Ghana’s 2030 target concerns the form in which gold leaves the country; export earnings remain central to the policy. GoldBod became the sole authorised buyer of small scale miners’ gold in 2025, part of a government effort to formalise the sector and strengthen Ghana’s foreign exchange reserves.
Accreditation and Supply
Ghana’s two refinery partners are seeking accreditation from the London Bullion Market Association within three to five years, according to GoldBod. Good Delivery status determines whether bars are accepted across the main international bullion market.
The Central Bank of Egypt and Afreximbank signed an agreement in December 2025 for a feasibility study on a gold bank programme in Egypt, covering an internationally accredited refinery, secure vaulting and related financial and trading services. The two institutions say the aim is to strengthen African central bank reserves and reduce reliance on foreign refining and trading centres. The programme remains at the study stage.
Supply is the more immediate constraint. SWISSAID, the Swiss development organisation, estimates that at least 435 tonnes of gold left Africa undeclared in 2022, most of it bound for the United Arab Emirates. At May 2024 prices, the group valued that metal at about $30.7 billion.
What to Watch
Kenya has yet to publish the legal framework for its export ban or timelines for the Kakamega and Nairobi refineries. GoldBod’s monthly purchase and refining figures will show whether domestic processing keeps rising toward the 2030 target. Ethiopia’s refinery will need to secure regional supply to approach its stated capacity, and the Egypt feasibility study will determine whether a continental gold bank moves beyond planning.