The former Minister for Power, Dr. Kwabena Donkor, has commended the government for introducing the Ghana Gold Board (Goldbod), describing it as an important step toward maximizing Ghana’s gold wealth.
However, he believes the country has only scratched the surface of its full potential when it comes to maximizing its gold revenues.
Although the Goldbod says it has generated about $8 billion in revenues in the first nine months of 2025, a figure much higher than the whole of last year’s earnings, Dr. Donkor believes the potential is far greater than that.
With the right measures and policies, he believes the country can still generate more from the precious mineral
The former minister and mining consultant’s remarks come at a time when questions are being asked about whether Ghana is truly reaping the benefits of its vast mineral resources.
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In an exclusive interview with The High Street Journal, the former Member of Parliament for Pru East argued that while Goldbod is a commendable innovation, there remains a broader conversation about plugging revenue leakages and ensuring every ounce of gold mined translates into value for the Ghanaian economy.
Revenue Leakages and Lost Opportunities
Dr. Donkor referenced earlier studies that revealed inconsistencies in Ghana’s gold export data, particularly discrepancies between official records and the volumes reported by Dubai, one of the main destinations for Ghana’s gold.
Despite the efforts of the Goldbod, he maintains that the menace of illegal smuggling of gold to neighbouring countries has not been reduced to the barest minimum, pointing out to the leakages to Togo.
“There was a study that indicated that in the past, the gold that went to Dubai from Ghana was more than what was officially accounted for. Then, of course, the traffic to Togo,” he recounted.
Such leakages, he explained, cost the country billions in lost revenue annually. The solution, he noted, is not only tighter border and customs controls but also a more transparent, traceable, and technology-driven gold export system.
Moving Beyond Raw Gold Exports
For Dr. Donkor, the key to unlocking Ghana’s full potential in gold lies in shifting from raw exports to value addition.
With over a century trackrecord in gold production, Dr. Donkor cannot fathom the country is still a raw gold exporting country, with little to no value-addition.
“Must we remain a raw gold, gold oil exporting country? What efforts are we putting in as a nation, as a state, to move away from the export of just gold oil?” he quizzed.
He argued that by refining gold locally and processing by-products such as silver, Ghana can create more jobs, retain more wealth, and build a stronger domestic value chain. He argues that every ounce of gold that leaves the shores of Ghana raw is an opportunity lost.
The Need for an Internationally Certified Refinery
At the heart of his proposal is the urgent need for Ghana to establish an internationally certified gold refinery. This is a refinery that meets global standards and earns recognition from key players in the bullion trade.
He is still saddened by the lack of a globally recognized gold refinery despite the country’s standing in the international gold industry.
“We don’t have an internationally certified refinery in Ghana as of today,” he bemoaned.
He explained that a world-class refinery would not only allow Ghana to refine its own gold but also attract gold from neighboring countries for processing, positioning the country as a hub for precious metal refining in West Africa.
Moreover, such a refinery would ensure that the country captures additional value from the refining process, including by-products like silver and other trace metals that can generate extra revenue.
“The first step must be to get an internationally certified gold refinery in Ghana, in partnership with the private sector, so that our gold can be refined here. If you refine gold, you get some by-products, like silver, which also adds value,” he recommended.
The Bottomline
The former minister is advocating that Ghana must combine innovative financing tools like the Goldbod with tangible investments in refining infrastructure, regulatory enforcement, and value addition.
To him, the situation should not be just about mining gold, it’s about managing it better, refining it locally, and ensuring that the proceeds strengthen our economy.
