Africa’s Gold Traceability Push: Why Governments Are Formalising Mining to Win LBMA Refinery Status

By: GOLD MINERS CLUB DATE: 06-11-2026

Africa mines a large share of the world’s gold, yet most of the continent’s refined gold is still processed elsewhere. A growing number of governments are working to change that. They are bringing artisanal and small-scale mining (ASM) into the formal economy, building mine-to-export traceability systems, and backing refineries that aim to meet the standards of the London Bullion Market Association (LBMA).

Why traceability has become the gateway to the global gold market

The LBMA’s Good Delivery List is the benchmark for acceptable gold bars in international trade. Refiners on the list must meet strict assay, quality and responsible-sourcing requirements. For African refiners, the hardest part is proving where the gold came from, because so much of it comes from informal miners.

The scale of the problem is large. One analysis estimated that between 72 and 80 percent of African ASM gold in 2022 sat outside formal declarations at the mine stage, and noted that South Africa’s Rand Refinery remains the only African refinery on the LBMA gold list. Without verified provenance, even a well-built refinery cannot access the institutional buyers and central banks that trade in LBMA-accepted bars. arabnews

The refinery build-out is accelerating regardless. Reuters reporting republished by MyJoyOnline found that as many as 26 refineries are operating or under construction across 14 countries from Mali to Tanzania, up from a handful before 2012. myjoyonline

Ghana: the continent’s clearest blueprint

Ghana is the most advanced example. President John Mahama announced a tracking and traceability system for ASM gold and set a goal of securing an LBMA licence so Ghana can join Rand Refinery as a recognised player in the global gold market. ecofinagency

The plan has moved from announcement to execution:

• Traceability pilot: In January 2026, the Ghana Gold Board (GoldBod) said it would start a national programme with about 600 small-scale mining operations, laying the groundwork for a framework covering all operations that supply gold into the formal export and refining system. goldbod
• Refining partnership: On January 20, 2026, Rand Refinery and Gold Coast Refinery announced a strategic partnership to support GoldBod’s mandate of refining ASM gold locally under globally recognised standards. The agreement targets about one tonne of artisanal gold refined domestically each year at the outset. ghanawebafricanleadershipmagazine
• LBMA backing: LBMA CEO Ruth Crowell said she hopes the Rand–Ghana partnership is “the first of many.” At the LBMA’s 2026 sustainability summit, the association pledged to work with GoldBod on internationally aligned traceability systems, responsible sourcing standards and compliance frameworks for Ghana’s ASM sector. politygoldbod

This builds on the LBMA’s own responsible ASM programme, launched in 2022. myjoyonline

Zimbabwe: a state refinery and a legal traceability mandate

Zimbabwe has legislated for traceability. Fidelity Gold Refinery, the state-linked sole authorised buyer, says its mine-to-market system is underpinned by legislation passed in June 2023 requiring gold traceability. fgr

The stakes are high. Fidelity reported that about $2 billion is lost annually to gold smuggling, and that it produced 46.7 tonnes of gold last year. Artisanal miners are central to the model: they delivered about 75% of the gold to Fidelity, with the subsector producing 34.9 tonnes in 2025. Mutapa Gold is also extending a partnership model for artisanal operators to additional sites. pulseminingzimbabwe

Guinea and Mali: formalisation tied to local refining

Guinea is preparing to commission the Nimba Gold Refinery. According to Reuters reporting summarised by Ecofin, it plans measures to formalise artisanal gold production and strengthen traceability. Guinea exported 2.33 million ounces of gold in 2025, of which 1.59 million ounces came from artisanal mining. CNBC Africa reported that Guinea also banned raw gold exports with immediate effect. ecofinagencycnbcafrica

Mali is centralising control. Parliament approved a law creating the Malian Office of Precious Substances (OMASP), which gives the agency a legal basis to centralise gold flows, oversee transactions and improve export traceability. Mali is also building a refinery at Sénou with planned capacity of 200 tons a year. allafricaallafrica

East Africa: Uganda and Tanzania

Uganda has roughly 500,000 artisanal miners, including around 90,000 gold miners, with much of the sector still informal. The Bank of Uganda has launched a national gold purchasing program to support miners and build official reserves. In the Karamoja region,. eu-africa-chamberallafrica

Tanzania is a different case. The Daily News reports that eight refineries were operating as of October 22, 2026, with two more due to open. The debate is now whether Tanzania needs international certification as well as more refineries. The country produced 67.8 tonnes of gold in the 2025–2026 fiscal year. One policy proposal calls for a national traceability platform linking miners, buying centres, assayers, refineries, customs, tax authorities, banks and the central bank. More gold refineries or LBMA certification for Tanzania? +2

The challenges that could slow the shift

Formalisation is not a guaranteed success, and analysts have flagged several risks:

1. Smuggling competition. Informal buyers who avoid taxes and the banking system can pay above-market prices. One Mali refinery said it struggles to compete with smugglers. myjoyonline
2. Incentives for miners. In Mali’s case, analysts note that if rules are too strict, miners may stay outside the system, and if controls are weak, gold leakage will continue. allafrica
3. Refining is not sovereignty. Commentators note that refining builds technical capacity and can improve testing and traceability, but it does not by itself guarantee public benefit. arabnews
4. Cost and capability. LBMA-grade operations need accredited laboratories, proficiency testing, due diligence systems and sustained investment.

What to watch next

African ASM formalisation is on the agenda at African Mining Week, held in Cape Town on October 14–16, 2026, with a dedicated panel on accelerating ASM formalisation. The key indicators to track are: eu-africa-chamber

• Whether Ghana’s Gold Coast Refinery moves toward LBMA accreditation
• Whether Guinea’s Nimba refinery launches with a working traceability chain
• Whether Tanzania pursues certification rather than just more capacity
• Whether Zimbabwe’s legal traceability framework translates into recognition from international buyers

Conclusion

Traceability has become the entry requirement for Africa’s gold industry. Governments that can verify the origin of artisanal gold, pay miners fairly and refine to international standards stand to capture far more of the value now leaving the continent. The next few years will show which countries can turn policy into LBMA-grade supply chains.

References and News Sources

Ghana

1. Ecofin Agency, “Ghana Launches Reforms to Pursue LBMA License for Gold Refineries”: https://www.ecofinagency.com/news-industry/0506-47174-ghana-launches-reforms-to-pursue-lbma-license-for-gold-refineries
2. Ghana Gold Board, “GoldBod to Pilot Gold Traceability with 600 Small-Scale Mines” (January 2026): https://goldbod.gov.gh/?p=10198
3. GhanaWeb / GoldBod, “Rand Refinery deal to deepen local gold refining in Ghana” (January 24, 2026): https://www.ghanaweb.com/GhanaHomePage/business/Rand-Refinery-deal-to-deepen-local-gold-refining-in-Ghana-2018662
4. Mining Indaba, “Ghana’s ASM gold goes global with Rand Refinery backing” (January 27, 2026): https://miningindaba.com/articles/ghanas-asm-gold-goes-global-with-rand-refinery-backing
5. Engineering News / Mining Weekly, “LBMA hopes Rand Refinery’s gold partnership with Ghana is ‘first of many’” (February 2026): https://www.engineeringnews.co.za/article/lbma-hopes-rand-refinerys-gold-partnership-with-ghana-is-first-of-many-2026-02-11
6. Ghana Gold Board, “GoldBod Secures Worldwide Support for Ghana’s Responsible Sourcing at LBMA Summit in London”: https://goldbod.gov.gh/news/goldbod-secures-worldwide-support-for-ghanas-responsible-sourcing-at-lbma-summit-in-london
7. African Leadership Magazine, “Ghana’s Gold Refinery Creates Billions in Domestic Value Retention”: https://www.africanleadershipmagazine.co.uk/?p=69262
8. MyJoyOnline, “First responsibly mined Ghanaian gold bars presented to Asantehene”: https://www.myjoyonline.com/first-responsibly-mined-ghanaian-gold-bars-presented-to-ashantene

Guinea
9. Ecofin Agency, “Artisanal Mining Reform: Guinea’s Next Step Toward Gold Refining” (June 30, 2026): https://www.ecofinagency.com/news-industry/3006-56911-artisanal-mining-reform-guinea-s-next-step-toward-gold-refining
10. CNBC Africa, “Guinea plans regional gold refining hub as West African race intensifies” (June 29, 2026): https://www.cnbcafrica.com/2026/guinea-plans-regional-gold-refining-hub-as-west-african-race-intensifies/

Mali
11. AllAfrica, “Mali Creates Gold Agency to Tighten Control of Exports” (July 2026): https://allafrica.com/stories/202607080026.html
12. Mining Technology, report on Mali’s Russia-backed gold refinery: https://www.mining-technology.com/?p=690832

Zimbabwe
13. AllAfrica, “Zimbabwe: Fidelity Gold Refinery Intensifies Drive to Formalise Small-Scale Gold Mining Sector, Plug Leakages” (May 13, 2026): https://allafrica.com/stories/202605130342.html
14. Bulawayo24, “Fidelity moves to formalise small-scale gold miners” (May 13, 2026): https://bulawayo24.com/index-id-news-sc-national-byo-264712.html
15. Mining Zimbabwe, “Mutapa Gold Expands Artisanal Mining Partnership Model to Jena and Kitsiyatota”: https://miningzimbabwe.com/?p=37463
16. Fidelity Gold Refinery, press release on its gold traceability system: https://fgr.co.zw/?p=1463

Uganda
17. AllAfrica, “Uganda: Euro Gold Partners With Karamoja Miners to Formalise Gold Production” (September 2026): https://allafrica.com/stories/202609250414.html
18. Energy Capital & Power / EU-Africa Chamber, “Africa’s ASM Formalization Drive to Take Center Stage at African Mining Week 2026”: https://eu-africa-chamber.org/africas-artisanal-and-small-scale-mining-asm-formalization-drive-to-take-center-stage-at-african-mining-week-amw-2026/

Tanzania
19. Daily News (Tanzania), “More gold refineries or LBMA certification for Tanzania?” (October 2026): https://dailynews.co.tz/more-gold-refineries-or-lbma-certification-for-tanzania/
20. Daily News (Tanzania), “Strategies for Tanzania to develop an LBMA-grade gold refinery”: https://dailynews.co.tz/strategies-for-tanzania-to-develop-an-lbma-grade-gold-refinery/

Regional analysis
21. MyJoyOnline (Reuters-sourced), “Race to refine: the bid to clean up Africa’s gold rush”: https://www.myjoyonline.com/race-to-refine-the-bid-to-clean-up-africaaes-gold-rush/
22. Arab News, “Why West Africa’s gold refineries will not deliver sovereignty”: https://www.arabnews.com/opinion/why-west-africas-gold-refineries-will-not-deliver-sovereignty-3007847