The Minister for Finance, Dr. Cassiel Ato Forson, has described the Gold Coast Refinery as a major milestone in Ghana’s industrialisation drive and broader economic transformation agenda, following an inspection tour of the facility.
Dr. Forson commended the management and staff of the refinery for successfully establishing and operating what he described as a world-class gold processing facility.
He said the project reflects Ghana’s long-standing ambition to move beyond the export of raw minerals and retain greater value from its natural resources.
The Finance Minister undertook the visit alongside the Chief Executive Officer of GoldBod, Mr. Sammy Gyamfi, and a Deputy Chief Executive Officer of the organisation.
They were received and taken through the facility by Dr. Saeed Deraz, Chairman and Chief Executive Officer of Gold Coast Refinery Limited.
“A while ago, I inspected the Gold Coast Refinery, a facility that represents a major step in Ghana’s industrial and economic transformation,” Dr. Forson said, praising the refinery’s operational standards and strategic importance.
He explained that the refinery embodies a vision first articulated by President John Dramani Mahama in 2016, which called for Ghana to refine its gold locally instead of exporting unprocessed bullion.
According to him, the facility’s refining capacity of up to two tonnes of gold per week signals a gradual shift from exporting raw gold to exporting fully refined Ghanaian gold.
Dr. Forson noted that deepening value addition in the gold sector would help create skilled employment, strengthen linkages within the mining value chain, and significantly boost the country’s foreign exchange earnings.
He also disclosed that the government, in collaboration with GoldBod, plans to establish a modern fire assay laboratory before the end of the year to enhance scientific verification of gold quality and valuation within Ghana.
“For the first time since independence, Ghana will have the domestic scientific capacity to determine the true value and purity of its gold,” the Minister said, adding that the initiative would improve royalty assessments, enhance transparency, and increase national revenue.
Dr. Forson explained that the refinery and related initiatives form part of a broader economic reset strategy focused on institutional strengthening and maximising the benefits derived from Ghana’s natural resources.
The inspection, he added, underscores the government’s renewed emphasis on downstream mineral processing as a key pillar of economic diversification, revenue mobilisation, and sustainable industrial growth.
