Republic Online, Accra
Ghana has officially begun refining its gold locally, marking a major milestone in the countrys long-standing effort to add value to its mineral resources before export.
The Minister for Finance, Hon. Cassiel Ato Forson, accompanied by the Chief Executive Officer of the Ghana Gold Board (GoldBod), Mr. Sammy Gyamfi, made this known during a tour of the Gold Coast Refinery Limited. The visit signaled the operational start of domestic gold refining under government policy.
Addressing journalists after the tour, Hon. Ato Forson praised the Ghana GoldBod for what he described as excellent and revolutionary work and commended the Gold Coast Refinery for partnering with the government to implement the Presidents vision of refining Ghanas gold at home.
He recalled that in 2016, then-President John Dramani Mahama inaugurated the Gold Coast Refinery with the aim of positioning Ghana as a gold-refining hub in the sub-region. That vision, he said, stalled following the change of government later that year. According to the Finance Minister, the return of the Mahama administration in 2025 has revived and accelerated the agenda, beginning with the establishment of the Ghana GoldBod as a key manifesto commitment.
Hon. Ato Forson noted that Parliaments passage of the Ghana Gold Board Act in the first half of 2025 enabled the Board to commence operations in April, initially focusing on the purchase and export of gold and now extending its mandate to local refining.
The Ghana GoldBod has changed the landscape of the gold industry in this country. It is visionary, it is revolutionary, and the benefits are already evident, the Minister said.
He disclosed that the Gold Coast Refinery has the capacity to refine up to two tonnes of gold per week. Currently, GoldBod supplies one tonne weekly, with plans to scale up to two tonnes in the near future. The Board, he added, is able to purchase an average of 2.5 tonnes of gold per week.
The Finance Minister emphasized that government policy is to ensure that, in the shortest possible time, Ghana stops exporting raw gold.
The refinery, which employs about 163 workers, operates on a 24-hour basis in line with the governments 24-hour economy policy. This, he said, is helping to stimulate economic activity and build a vibrant gold industry around the Kotoka International Airport enclave.
For the first time in the countrys history, refined gold bars will be stamped with the name of the Ghana GoldBod and the Central Bank or Government of Ghana before being sold on the international market. The refinery has also been mandated to secure certification from the London Bullion Market Association (LBMA), which would grant Ghanaian gold internationally recognized status.
Looking ahead, Hon. Ato Forson announced plans to establish Ghanas first-ever fire assay laboratory by the end of the year. The facility will enable the GoldBod to independently determine the true value of gold produced by large-scale mining companies, ensuring the country receives accurate royalties.
Since independence, Ghana has never had this capacity. We have been at the mercy of large-scale mining companies. By the end of the year, we will have our own fire assay laboratory to ascertain the true value of our royalties for national development, he said.
The Finance Minister called on Ghanaians to support the Presidents vision, describing the commencement of gold refining as the dawn of a new era for the countrys mining sector.
Today marks the first day and the first batch of the refining process. This is what vision and commitment can achieve for a country, he added.
Source: Eric Asare/myrepubliconline.com
