Ghana to refine its own gold
The Ghana Gold Board in partnership with local refineries and the Bank of Ghana will from next month start refining raw gold for export.
This announcement was made recently by Sammy Gyamfi, CEO of the Ghana Gold Board. He also revealed that plans were a foot for the establishment of a state-owned refinery next to the Kotoka International Airport in the capital, Accra.
Ghana is the highest-ranking African country in terms of worldwide gold production, sharing the number six ranking with Mexico and Kazakhstan. Each of these countries produced 130 metric tonnes of gold last year. China is at the top of the list followed by Russia and Australia.
Gold is an important economic driver for Ghana. In 2023, gold exports accounted for 62.1 percent of its total exports, adding US$580 million to the nation’s gross domestic product.
The Ghana Gold Board (GoldBod) is a body corporate established in 2025 to oversee, regulate and undertake the buying, selling, assaying, refining, exporting and other related activities in respect of gold and other precious minerals in Ghana.
Gyamfi said the initiative was aimed at adding value to Ghana’s mineral exports.
“It is a national shame that as a long-standing continental leader in gold production, Ghana continues to export doré, which is raw gold, instead of bullion. The Ghana Gold Board is determined to change this as a matter of urgency,” he said.
The refinery and assay lab projects are expected to help Ghana retain more value from its gold, while strengthening its position as a continental hub for bullion trade.
“This is about asserting our sovereignty over our gold wealth and making sure our people benefit fully from the resources that God has blessed us with,” Gyamfi added.
