Accra: The Minister of Finance, Dr. Cassiel Ato Forson, has unveiled plans to enhance the operations of the Gold Coast Refinery, increasing its processing capacity from one metric tonne to two metric tonnes of gold per week. This initiative is part of a broader government strategy to cease the export of raw gold and ensure local processing to maximize value.
According to Ghana Web, the finance minister highlighted the capacity of GoldBod to purchase an average of 2.5 tonnes of gold weekly. The government policy aims to reshape the country's gold industry by fostering local processing and reducing reliance on raw gold exports. Describing GoldBod as a transformative institution, Dr. Forson emphasized its role in revolutionizing the sector.
During a press briefing after touring the Gold Coast Refinery in Accra, Dr. Forson noted that the facility employs 162 workers and operates continuously, aligning with the government's 24-hour economy policy. The facility's expansion reflects a significant shift in Ghana's approach to its gold resources, with plans to establish the nation's first fire assay lab by the end of 2026.
He stated, "Clearly, this company, Ghana Gold Coast Refinery, has the ability to refine up to two tonnes of gold per day. Gold Board has agreed to provide them one tonne of gold per week for refinery. This will be scaled up to two tonnes per week in no time. Today, Gold Board has the capacity to buy 2.5 tonnes on average per week of gold. It is our policy to ensure that in the shortest possible time, we will not be exporting raw gold outside this country."
The agreement involves refining gold sourced from both artisanal and large-scale mining operations locally before trading and exporting it. This strategic move is anticipated to bolster Ghana's standing in the global gold value chain, marking a pivotal shift from the country's historical reliance on raw gold exports, which has previously led to significant revenue losses.