The Minister for Finance, Dr Cassiel Ato Forson, has said the operation of Gold Coast Refinery will end Ghana’s raw gold export stressing that their operation is a significant milestone in Ghana’s industrialization agenda.
The Minister was speaking at a familiarization tour at the Goldcoast refinery on Wednesday, February 4, 2026, together with the Chief Executive Officer of GoldBod, Mr. Sammy Gyamfi, Esq and the Deputy Chief Executive Officer of GoldBod, Richard Nunekpeku Esq.
The Finance Minister commended the management and staff of the refinery for “a successful establishment and operation of a world-class gold processing facility” stressing that the project reflects a long-standing national aspiration to move Ghana beyond the export of raw minerals
The Minister for Finance, Dr Cassiel Ato Forson
“A while ago, I inspected the Gold Coast Refinery, a facility that represents a major step in Ghana’s industrial and economic transformation,” the Minister stated.
“I commend the management and staff for establishing and operating such an impressive refinery”, he added.
Dr. Forson explained that the refinery represents a vision of President John Dramani Mahama in 2016, that Ghana must refine its own gold locally and retain greater value from its natural resources rather than exporting unprocessed bullion.
Chief Executive Officer of Goldbod, Sammy Gyamfi in a chat with Dr Saeed Deraz, Chairman and Chief Executive Officer of Gold Coast Refinery Ltd.
According to him, with a refining capacity of up to two tonnes of gold per week, the country is gradually shifting from the traditional model of exporting raw gold to exporting fully refined Ghanaian gold.
He emphasised that this transition will deepen value addition within the mining sector, create skilled employment opportunities, and significantly strengthen the nation’s foreign exchange earnings.
The Finance Minister also revealed that government is collaborating with GoldBod to establish a modern fire assay laboratory before the end of the year to enhance scientific verification of gold quality and valuation within the country.
“For the first time since independence, Ghana will have the domestic scientific capacity to determine the true value and purity of its gold,” he noted. “This will improve royalty assessments, enhance transparency, and boost national revenue.”
Dr Forson stressed that the initiative forms part of a broader economic reset strategy focused on institutional strengthening and maximising the benefits derived from Ghana’s natural wealth.
“This is how we reset the economy, by adding value to our resources, strengthening our institutions, and ensuring that Ghana’s natural wealth benefits the Ghanaian people first,” he said.
For his part the Chief Executive Officer of Goldbod, Sammy Gyamfi, emphasized Ghana’s growing domestic capacity in gold trading and processing.
“Today, Goldbod has the capacity to buy 2.5 tonnes on average per week. It is our policy to ensure that, in the shortest possible time, we will not be exporting raw gold outside this country,” he said.
The delegation was received and conducted around the facility by Dr Saeed Deraz, Chairman and Chief Executive Officer of Gold Coast Refinery Ltd.
Source:www.senaradioonline.com
