Ghana has locally refined nearly 9 metric tonnes of gold this year, marking a significant shift in its mineral resource management. Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), confirmed this development. This achievement represents a major step towards increasing local value addition for Ghana's mineral resources.
This local refining effort directly addresses a long-standing issue where Ghana historically exported raw gold without domestic processing. The government aims to ensure the nation benefits more from its abundant gold reserves. This strategy is expected to create sustainable jobs and retain a larger share of the refining value within the Ghanaian economy.
Ghana's economy heavily relies on its natural resources, particularly gold. For decades, the country has been one of Africa's leading gold producers, yet most of this gold was shipped abroad for refining. This practice meant Ghana missed out on the economic benefits of processing and value addition. The current initiative aligns with broader government policies to diversify the economy and strengthen local industries. In 2023, Ghana's gold exports were valued at GHS 32.5 billion, highlighting the immense potential for local value capture.
Mr. Gyamfi stated that when the current administration took office in 2025, no gold produced in Ghana was refined locally. He emphasized the change under President John Mahama's agenda. “Under the recent agenda of President Mahama, this year alone, nearly nine metric tonnes of gold produced in Ghana have been refined in Ghana,” Mr. Gyamfi said. This statement underscores the government's commitment to transforming the mining sector.
The move towards local refining has several important implications for Ghana's economic future. It is expected to boost local employment in specialized refining operations and related industries. This could also lead to the development of a more robust local supply chain for the mining sector. Furthermore, retaining refining value could enhance Ghana's foreign exchange earnings and improve its balance of payments. Investors and policymakers will closely monitor the sustainability and expansion of these refining capacities. The government's long-term goal is to move Ghana beyond merely exporting raw minerals, fostering a more integrated and beneficial gold value chain. This shift could attract further investment into local processing infrastructure, creating a more resilient and self-sufficient mining industry. The National Mining Dialogue, where these announcements were made, serves as a crucial platform for discussing these strategic shifts and their impact on Ghana's economic landscape.