The Minister for Finance, Dr Cassiel Ato Forson, says Ghana is on course to end the export of raw gold as the Gold Coast Refinery expands its processing capacity, marking a major step in the country’s industrialisation and economic transformation agenda.
Dr Forson made this known after leading an inspection tour of the Gold Coast Refinery, accompanied by the Chief Executive Officer of GoldBod, Sammy Gyamfi, and the Deputy CEO, Richard Nunekpeku. The delegation was received by the Chairman and Chief Executive Officer of Gold Coast Refinery Ltd, Dr Saeed Deraz, who led them through the facility.
Speaking after the tour, the Finance Minister praised the management and staff of the refinery for successfully establishing and operating what he described as a world-class gold processing facility. He noted that the project reflects Ghana’s long-standing ambition to move beyond the export of raw minerals and retain greater value from its natural resources.
“A while ago, I inspected the Gold Coast Refinery, a facility that represents a major step in Ghana’s industrial and economic transformation,” Dr Forson said. “I commend the management and staff for establishing and operating such an impressive refinery.”
He explained that the refinery brings to life a vision first articulated by President John Dramani Mahama in 2016 — that Ghana must refine its own gold locally rather than export unprocessed bullion. With a refining capacity of up to two tonnes of gold per week, Dr Forson said the country is steadily transitioning from exporting raw gold to exporting fully refined Ghanaian gold.
According to him, this shift will deepen value addition in the mining sector, create skilled jobs, and significantly boost foreign exchange earnings for the country.
The Chief Executive Officer of GoldBod, Sammy Gyamfi, also highlighted Ghana’s growing domestic capacity in gold trading and processing. He revealed that GoldBod currently has the capacity to purchase an average of 2.5 tonnes of gold per week.
“It is our policy to ensure that, in the shortest possible time, we will not be exporting raw gold outside this country,” Mr Gyamfi stated.
Dr Forson further disclosed that government, in collaboration with GoldBod, is working to establish a modern fire assay laboratory before the end of the year. The facility will enable Ghana to scientifically determine the purity and true value of its gold locally.
“For the first time since independence, Ghana will have the domestic scientific capacity to determine the true value and purity of its gold,” the Finance Minister said. “This will improve royalty assessments, enhance transparency, and boost national revenue.”
He stressed that the initiative is part of a broader economic reset strategy aimed at strengthening institutions and maximising the benefits derived from Ghana’s natural resources.
“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 concluded.
