Ghana is preparing to take a decisive step in transforming its gold industry, with the Ghana Gold Board (GoldBod) set to begin local refining of gold in October 2025, according to Chief Executive Sammy Gyamfi.
The initiative, he said, is aimed at ending the decades-long practice of exporting gold in its semi-processed form and ensuring the country captures more value from its mineral wealth.
Speaking at the maiden Mining and Minerals Convention in Accra on Tuesday, Gyamfi explained that the Board, working with the Bank of Ghana and local facilities such as the Gold Coast Refinery, will start refining gold purchased and exported through the Board next month.
Ghana currently exports most of its gold as dore, a crude, semi-pure form that requires further processing abroad before it can be traded as bullion on global markets. By refining domestically, Ghana can retain not only higher revenues but also create jobs and build downstream industries.
Beyond this immediate step, GoldBod has secured land at the Kotoka International Airport’s cargo village to build an ultramodern ISO-certified assay laboratory. This facility will shift Ghana’s gold testing regime from older water-density methods to the internationally recognized “fire assay” standard, regarded as the most accurate way of determining gold purity. On the same site, the government will also construct a wholly state-owned, international-standard gold refinery, a move Gyamfi described as “critical to transitioning Ghana from the export of dore to bullion.”
“These initiatives will transition Ghana from the export of dore to bullion,” he said, adding that the long-term plan also includes developing a “gold village” modeled on Dubai’s gold souk. Such a hub would bring together refining, jewelry manufacturing, and trading under one ecosystem, potentially positioning Ghana as a leading center for jewelry and ornament production on the continent.
Gyamfi emphasized that the success of these projects will depend heavily on partnerships with financial institutions to fund value-adding investments such as refining, maintenance, and jewelry fabrication. Without bold capital support, he warned, Ghana risks continuing as a supplier of raw resources rather than a producer of finished products.
He also pointed to Ghana’s surging gold exports, particularly from the artisanal and small-scale mining (ASM) sector. From January to August 2025, ASM exports reached 66.7 tonnes valued at $6.3 billion, already surpassing the entire 2024 output of 63 tonnes worth $4.6 billion. Small-scale miners now outpace large-scale producers, who recorded 65.1 tonnes valued at $5.6 billion during the same period.
This record performance, Gyamfi argued, underscores why local refining has become urgent. By processing gold at home rather than shipping it abroad for value addition, Ghana can strengthen its foreign exchange reserves, improve the balance of payments, and reinforce the cedi, all while ensuring more benefits stay within the economy.
For Gyamfi, however, the shift from raw exports to refining and beneficiation is the defining step. “It is a national shame that Ghana, after decades as Africa’s leading gold producer, continues to export dore instead of bullion,” he said. “We are determined to change this narrative as a matter of urgency.”
