IMANI Africa’s Honorary Vice President, Bright Simons, has exposed what he alleged to be “shadowy ghost investors” controlling Ghana’s latest gold refinery, sparking heated discussions about transparency and governance in the country’s resource management.
The revelations come as the President-elect, John Mahama, prepares to roll out a sweeping anti-corruption initiative, Operation Recover All Loot (ORAL), in 2025.
Mr. Simons claims that politically connected elites have used undisclosed investors and complex corporate structures to exert control over the refinery, undermining public trust in the facility’s operations.
In a series of social media posts and a detailed blog, he outlined how these practices jeopardize the country’s resource sovereignty. The accusations point to a lack of transparency in the refinery’s ownership and financial arrangements, adding to controversies that have plagued the country’s value-addition strategy for its gold sector.
Ghana, one of Africa’s largest gold producers, contributes over 142.4 metric tons of gold annually, representing 7% of global production. With gold as the country’s leading export, generating $5 billion annually and accounting for 43% of total export revenue, the stakes for transparent management of the sector are exceptionally high.
The Gold Coast Refinery, Ghana’s flagship facility, was established to enhance local processing, create jobs, and retain more revenue from gold exports.
However, its operations have frequently been overshadowed by disputes over ownership and governance.
Mr. Simons’ revelations further highlight the need for urgent reforms to safeguard the nation’s economic interests.
The allegations have reignited calls for stricter oversight, with industry watchers urging swift action to restore public confidence and ensure that the country reaps the full benefits of its gold resources.
The High Street Journal on October 29, requested for an interview on the subject matter but despite reminders, the Bank of Ghana is yet to respond to the request.
