Ghana begins local refining of artisanal gold in landmark value addition drive

The Ghana Gold Board(GoldBod), in partnership with Gold Coast Refinery, has commenced the local refining of gold from the artisanal and small-scale mining (ASM) sector, marking a major milestone in Ghana’s drive for value addition, formalisation and economic transformation.

The start of local refining was highlighted during a tour of the Gold Coast Refinery led by the Minister for Finance, Dr Cassiel Ato Forson, together with the Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, Esq. The initiative enables gold produced by licensed small-scale miners to be refined locally to international standards with full traceability.

Speaking to the media after the inspection, Dr Forson described the refinery as a major step in Ghana’s industrial and economic transformation and commended the management and staff for establishing and operating what he described as an impressive facility.

“This is the fulfilment of a national vision first expressed by President John Dramani Mahama in 2016: that Ghana must refine its own gold and retain greater value from its natural resources,” the Finance Minister said.

He noted that with a refining capacity of up to two tonnes of gold per week, Ghana is moving beyond the export of raw gold toward exporting fully refined Ghanaian gold. According to him, the shift will deepen value addition, create skilled jobs and strengthen the country’s foreign exchange earnings.

Dr Forson further disclosed that government, working with GoldBod, is taking steps to establish a modern fire assay laboratory before the end of the year. He said the facility will, for the first time since independence, give Ghana the domestic scientific capacity to accurately determine the value and purity of its gold.

“This will improve royalty assessments, enhance transparency, and boost national revenue,” he stated.

The Ghana Gold Board said the commencement of local refining aligns with broader efforts to formalise the ASM sector, improve oversight across the gold value chain and ensure that Ghana retains greater benefits from its mineral resources.

Dr Forson emphasised that the initiative reflects government’s broader economic reset agenda. “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,” he said.