Baku:Ghana is enhancing its revenue from the gold industry by refining a significant portion of its gold domestically. Between 80% and 90% of the gold purchased and exported by the Ghana Gold Board (GoldBod) is now processed within the country, according to GoldBod's Chief Executive Officer, Sammy Gyamfi.
According to Ghana Web, the move towards local refining helps Ghana retain processing fees that would have gone to foreign operators. It also creates jobs in domestic refineries and supports the local fabrication industry.
During his address to Parliament's Public Accounts Committee, Gyamfi elaborated on the continuous operation of local refineries to process the gold acquired by GoldBod. He expressed satisfaction that a substantial share of gold purchased and exported is refined locally, which benefits the local economy beyond export earnings.
Gyamfi highlighted the added advantage of recovering silver during the refining process, which supplies raw materials for local industries. This shift supports employment by providing jobs for many Ghanaians, as refineries operate around the clock.
The CEO emphasized that more gold is now being refined locally compared to the period before the establishment of GoldBod when domestic refining was not a common practice. This change is helping Ghana capture more economic benefits from its mineral resources through local processing, job creation, and the utilization of by-products.