Governor of the Bank of Ghana, Dr Johnson Asiama, has called for a major expansion in Ghana’s local processing capacity for gold, cocoa and crude oil, warning that the country can no longer rely on exporting raw commodities if it wants to achieve lasting economic stability.
Speaking at the signing ceremony of the second gold refining partnership between the Ghana Gold Board and Royal Ghana Gold Limited, Dr Asiama said Ghana’s long-term economic resilience would depend on its ability to add more value to its natural resources before export.
According to him, Ghana has delayed for too long in building industries that can process its key exports locally.
“For us, processing our national resources is a strategy that is long overdue. Not just gold, but also cocoa, and of course, oil. If we can process these three, our balance of payments will experience a drastic turnover,” he stated.
The Governor’s remarks come at a time when government and policymakers are pushing for stronger industrialisation, improved foreign exchange inflows and reduced dependence on raw commodity exports.
Although Ghana remains one of Africa’s leading producers of gold and cocoa, and crude oil has become an important export commodity over the years, much of the country’s earnings still come from exporting raw or semi-processed products. Economists have long argued that this limits job creation, industrial growth and the country’s ability to retain more value within the economy.
Dr Asiama explained that expanding local processing would bring several economic benefits, including increased government revenue, stronger regulation of value chains and more employment opportunities.
“The advantages are clear. Jobs, greater revenues for government, much more oversight on the entire processing value chain,” he said.
He stressed that Ghana’s external sector cannot be strengthened sustainably through raw commodity exports alone, insisting that the country must capture more value along production chains to build stronger reserves and reduce pressure on the cedi.
In the gold sector, he said local refining could improve traceability, strengthen oversight of the mineral trade and support the country’s reserve accumulation efforts.
For cocoa, he noted that deeper processing could help Ghana move beyond raw bean exports into higher-value products such as cocoa butter, cocoa powder, liquor and chocolate.
He also pointed to the petroleum sector, where expanding domestic refining capacity could reduce Ghana’s reliance on imported fuel products, ease pressure on foreign exchange demand and improve energy security.
Dr Asiama further assured investors and industry players of the Bank of Ghana’s readiness to support initiatives aimed at deepening value addition and improving export competitiveness.
“And so therefore, in whatever way we can support, as a central bank, we will support,” he added.
The latest refining partnership forms part of broader government efforts to expand Ghana’s gold processing capacity and retain more value within the domestic economy before export.
The initiative is also aligned with plans to position the gold sector as a strategic pillar for external stability, reserve accumulation and industrial transformation.
However, analysts say the success of Ghana’s value addition agenda will depend heavily on reliable infrastructure, stable energy supply, access to financing, technical expertise, policy consistency and strong private-sector participation.
For investors and businesses, the message from the central bank signals a shift in economic direction. Ghana is seeking to move away from the long-standing model of exporting raw materials while importing finished goods.
Instead, the focus is gradually shifting toward building domestic industries capable of processing the country’s natural resources locally to support jobs, increase revenues and strengthen foreign exchange stability.
Dr Asiama maintained that Ghana’s next phase of economic resilience would depend on whether the country can transform its natural resource wealth into industrial strength and sustainable economic growth.
