Dr. Ernest Addison, the Governor of the Bank of Ghana, has announced that gold is currently the leading export commodity for the nation, with projected export earnings expected to reach nearly US$10 billion in 2024. Dr. Addison highlighted the significant economic opportunities that gold’s value chain offers, emphasizing its potential for job creation, increased foreign exchange earnings, and overall economic development.
Despite Ghana’s rich history of gold and mineral exports, Dr. Addison pointed out that the country has not yet fully tapped into the economic potential of these resources. “Exporting raw materials without value addition leads to a loss of revenue and job opportunities,” he stated.
Currently, Ghana exports its gold in dore form, which is then refined abroad—a process that results in missed revenue and job creation opportunities. Between 2018 and 2023, Ghana’s average annual gold production was approximately 3.92 million ounces (122.5 tonnes).
Dr. Addison expressed optimism that the inauguration of a new gold refinery in Ghana marks the beginning of a new era for the country’s gold industry. “The opening of this refinery will promote gold beneficiation and value addition, contributing to economic growth, poverty reduction, and improved livelihoods for Ghanaians,” he said.
He further emphasized that value addition to Ghana’s gold resources could significantly boost foreign exchange earnings, improve the balance of payments, and provide stronger economic resilience against external shocks. Additionally, the refinery is expected to curb gold smuggling by offering a ready market for artisanal and small-scale miners, thus promoting transparency and accountability in the gold trading sector.
