Finance Minister, Hon. Cassiel Ato Forson, together with the Chief Executive Officer of the Ghana Gold Board (GoldBod), Mr. Sammy Gyamfi, has toured the Gold Coast Refinery Limited, marking a major milestone in Ghana’s long-held ambition to refine its gold locally and add value before export.
Addressing the media after the tour, Hon. Ato Forson congratulated the Ghana GoldBod for what he described as “excellent and revolutionary work,” and commended Gold Coast Refinery for partnering with government to operationalise the President’s vision of domestic gold refining.
He recalled that in 2016, President John Dramani Mahama officially opened the Gold Coast Refinery with a clear vision to make Ghana a gold-refining hub. However, the vision stalled after the change of government later that year. According to the Finance Minister, the return of the Mahama administration in 2025 has revived and accelerated that agenda, beginning with the establishment of the Ghana GoldBod as a key manifesto commitment.
Parliament’s passage of the Ghana Gold Board Act in the first half of 2025, he noted, paved the way for the Board to commence operations in April, focusing on buying gold, exporting, and now refining locally.
“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 announced that Gold Coast Refinery has the capacity to refine up to two tonnes of gold per week, with the GoldBod initially supplying one tonne weekly, to be scaled up to two tonnes in the near future. Currently, the GoldBod is able to purchase an average of 2.5 tonnes of gold per week.
Government’s policy, he stressed, is to ensure that in the shortest possible time, Ghana will no longer export raw gold.
The refinery, which currently employs about 163 workers, is operating on a 24-hour basis in line with the government’s 24-hour economy policy, helping to build a vibrant gold industry around the Kotoka International Airport enclave.
For the first time in Ghana’s 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 tasked to secure London Bullion Market Association (LBMA) certification, which would allow Ghanaian gold to carry internationally recognised approval.
Looking ahead, Hon. Ato Forson disclosed plans for the establishment of Ghana’s first-ever fire assay laboratory by the end of the year. This facility will enable the GoldBod to independently determine the true value of gold produced by large-scale mining companies, ensuring Ghana 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 lab to ascertain the true value of our royalties and use them for national development,” he stated.
The Finance Minister called on Ghanaians to support the President’s vision, describing the commencement of refining as the beginning of a new era for the country’s gold sector.
“Today is the first day, the first batch of the refining process. This is what dreams and vision can do for a country,” he said.
