GHANA TO END RAW GOLD EXPORTS AS GOLD COAST REFINERY EXPANDS CAPACITY – Ato Forson
Finance Minister says refining milestone marks a new era of value addition and economic transformation
Ghana will soon halt the export of raw gold as part of a major shift toward local value addition, following the expansion of operations at the Gold Coast Refinery, Finance Minister Dr Cassiel Ato Forson has announced.
The minister made the disclosure after an inspection tour of the refinery, which he described as a “significant milestone in Ghana’s industrialisation and economic transformation agenda.”
Dr Forson was accompanied by the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, and his deputy, Richard Nunekpeku, and was received by Dr Saeed Deraz, Chairman and Chief Executive Officer of Gold Coast Refinery Ltd.
“A while ago, I inspected the Gold Coast Refinery, a facility that represents a major step in Ghana’s industrial and economic transformation. I commend the management and staff for establishing and operating such an impressive refinery,” Dr Forson said.
He explained that the refinery represents the fulfilment of a vision first articulated by President John Dramani Mahama in 2016, which called for Ghana to refine its own gold and retain greater value from its natural resources instead of exporting unprocessed bullion.
According to the Minister, with a refining capacity of up to two tonnes of gold per week, the country is now well positioned to shift from exporting raw gold to exporting refined Ghanaian gold, boosting foreign exchange earnings and creating high-skilled jobs.
“This is how we reset the economy by adding value to our resources, strengthening our institutions, and ensuring that Ghana’s natural wealth benefits the Ghanaian people first,” Dr Forson emphasised.
GoldBod CEO Sammy Gyamfi also highlighted Ghana’s growing domestic capacity for gold trading and processing.
“Today, the Gold Board has the capacity to buy 2.5 tonnes on average per week. It is our policy to ensure that, in the shortest possible time, we will not be exporting raw gold outside this country,” he stated.
Dr Forson further revealed that the government, in partnership with GoldBod, will establish a modern fire assay laboratory before the end of 2026 to scientifically verify gold purity and value domestically.
“For the first time since independence, Ghana will have the domestic scientific capacity to determine the true value and purity of its gold. This will improve royalty assessments, enhance transparency, and boost national revenue,” he said.
The Finance Minister noted that the refinery’s expansion marks a turning point in Ghana’s resource management approach, transforming the country from a raw commodity exporter into a hub for refined gold production and certification.
Industry experts have hailed the development as a crucial step toward diversifying the economy, improving foreign reserves, and reinforcing Ghana’s position as one of Africa’s leading gold producers.
Source:NKONKONSA.com
