Amidst the commitment by the current government to refine the country’s gold and add more value, there is a growing concern for more transparency in the state’s dealings with the refineries.
Some concerned Ghanaians believe that the quest for more value for the country must come along with more transparency for citizens and a smarter use of public resources.
Although a new gold refinery has been launched by the current administration, the older refinery launched by the previous administration, the Royal Ghana Gold Refinery, has become a subject of contention concerning the state’s interest in the company.
There are a number of uncomfortable questions some Ghanaians are asking that the government can no longer afford to ignore.
The Question of Capacity Against “Political Loyalty”
At the heart of the debate is a contradiction that many industry watchers find hard to explain. Under the previous administration, Gold Coast Refinery, a locally established facility with a larger processing capacity of 480 kilograms per day, was effectively sidelined. Instead, the government chose to partner in setting up the Royal Ghana Gold Refinery, which processes a smaller 400 kilograms daily, with the state reportedly holding a 20 percent stake.
Fast forward to today, and voices from that same political tradition are crying foul, accusing the current government of marginalising Royal Gold in favour of Gold Coast Refinery.
To many observers, it feels like history repeating itself, driven not by efficiency or national interest, but by shifting political loyalties.
The Question of the State’s Interest
But beyond the political noise lies a more serious issue that affects every taxpayer, which is transparency.
Despite the state’s reported ownership in Royal Gold, the public still does not have clear answers to basic questions. How much public money went into building the refinery? Who exactly owns the remaining 80 percent? And crucially, do those investors have the financial muscle to sustain the business and protect the state’s stake?
Many analysts and Civil Society groups have already raised red flags about the ownership structure, suggesting uncertainty over whether the private partners truly have the balance sheet strength to back the investment they claim to have made.
If those concerns are valid, then the risk does not fall on politicians; rather, it falls squarely on the Ghanaian taxpayer.
The Question of Optimization
Equally troubling is the silence around the government’s exit or optimisation plan. A 20 percent stake is not just a ceremonial shareholding. It implies responsibility and therefore, citizens deserve to know how the refinery will be fully utilised, how profits will be generated, and how, when, and at what value the state expects to recover its investment.
In a country where public funds are scarce and competing needs are endless, opacity is cannot be condoned. Many concerned citizens are demanding that every cedi tied up in any investment must result in maximum returns
The Bottomline
The country’s gold sector remains one of Ghana’s most strategic assets. As the experts say, managing it well requires more than political point-scoring. It demands openness, consistency, and decisions guided by national interest rather than political convenience.
For now, the questions and calls for transparency are growing louder, but the ball is firmly in the government’s court. There is a need for clear disclosure on the state’s financial commitment to Royal Gold, the true strength of its private partners, and a credible plan to protect and grow public interest.
Providing answers to these public scrutiny questions will restore public trust in how Ghana manages its gold, and by extension, its future.
