The Minister for Finance, Dr Cassiel Ato Forson, has described the Gold Coast Refinery as a significant milestone in Ghana’s industrialization drive and broader economic transformation agenda following an inspection tour of the facility on Wednesday, February 04, 2026.
The visit follows a landmark agreement signed last month, under which Gold Coast Refinery will refine all artisanal and small-scale mining (ASM) gold purchased by the Ghana Gold Board (GoldBod), with operations scheduled to begin in February.
Dr Forson undertook the visit alongside the Chief Executive Officer of GoldBod, Sammy Gyamfi, and Deputy Chief Executive Officer Richard Nunekpeku. They were received and guided around the facility by Dr Saeed Deraz, Chairman and Chief Executive Officer of Gold Coast Refinery Limited.
The Finance Minister commended the management and staff of the refinery for successfully establishing and operating what he described as a world-class gold processing facility, noting that the project reflects Ghana’s long-standing ambition to move beyond the export of raw minerals and retain greater value from natural resources.
Dr Forson 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. He recalled that the Gold Coast Refinery was commissioned by President Mahama in 2016 but remained largely unused after his administration left office.
During the tour, Dr Deraz explained that Gold Coast Refinery has entered into a technical partnership with Rand Refinery, Africa’s only London Bullion Market Association (LBMA) accredited refinery, to support the refining process and ensure Ghana’s ASM gold is refined locally to international standards.
According to the Finance Minister, 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. He noted that deepening value addition in the gold sector would help create skilled employment, strengthen linkages within the mining value chain and significantly boost foreign exchange earnings.
At the bar section, Dr Forson was presented with finished gold bars bearing the official stamps of GoldBod, Gold Coast Refinery, Bank of Ghana (BoG), and the Ghana Standards Authority (GSA). Dr Deraz indicated that although the refinery has capacity to process up to two tonnes of gold per week, the current agreement with GoldBod provides for refining one tonne weekly.
Dr Forson disclosed that the refining operations have already created employment for about 162 Ghanaians and enabled the refinery to operate on a 24-hour basis, in line with the government’s 24-hour economy policy.
The Finance Minister 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,” Dr Forson stated, adding that the initiative would improve royalty assessments, enhance transparency and increase national revenue.
He explained that once operational, the fire assay laboratory will require all large-scale mining companies to submit their gold for testing at the GoldBod facility, enabling the state to independently determine the true value of production before royalties are assessed.
Dr Forson further urged Gold Coast Refinery to work towards securing LBMA certification in the near future and encouraged GoldBod to put in place measures to establish the national assay laboratory before the end of the year, pledging his support for the initiative.
The Finance Minister also inspected bullion vans belonging to Gold Coast Refinery, commending the company for investing in the logistics and security infrastructure needed to position Ghana as a major gold refining hub in Africa.
GoldBod Chief Executive Officer Sammy Gyamfi highlighted Ghana’s growing domestic capacity in gold trading and processing, stating that GoldBod now has the capacity to purchase 2.5 tonnes of gold on average per week. He described the institution as revolutionary and visionary, noting it is reshaping the country’s gold industry.
Dr Forson explained that the refinery and related initiatives form part of a broader economic reset strategy focused on institutional strengthening and maximizing the benefits derived from Ghana’s natural resources. He stressed that the initiative underscores the government’s renewed emphasis on downstream mineral processing as a key pillar of economic diversification, revenue mobilization and sustainable industrial growth.
The artisanal and small-scale mining sector produced 90 tonnes of gold in 2025, representing 53 percent of Ghana’s total gold export earnings and generating over nine billion United States dollars in foreign exchange, according to GoldBod data.
Gold Coast Refinery was commissioned in 2016 under the Mahama administration but remained underutilized after the government left office. The recent activation of the facility marks a significant step in realizing the long-held objective of local gold refining.
Ghana exported 4.37 billion United States dollars worth of gold in 2024, making the precious metal the country’s top export commodity. The establishment of domestic refining capacity is expected to increase the value captured from gold exports while creating skilled employment opportunities within the sector.
