The Minister of Finance, Dr Cassiel Ato Forson, and the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, have inspected the first batch of gold refined at the Gold Coast Refinery under a new agreement between the state agency and the refinery, signaling progress in Ghana’s push to add value to its gold resources.
The inspection was followed by a guided tour of the refinery to allow the minister and his delegation to assess operations firsthand.
They were received by the Chairman and Chief Executive Officer of Gold Coast Refinery, Dr Said Deraz, along with senior management of the facility. Under the initial phase of the arrangement, the refinery is processing 1,000 kilogrammes, or one tonne, of raw gold supplied by GoldBod each week for export.
The programme is aimed at reducing Ghana’s reliance on exporting raw gold while increasing earnings across the value chain. Gold Coast Refinery, which now has a 15 per cent state interest, is Africa’s second-largest gold refinery after South Africa’s Rand Refinery.
It has the capacity to refine up to 180 tonnes of gold annually, with a daily output of about 480 kilogrammes.
Speaking to the media after the tour, Dr Forson announced plans to establish the country’s first fire assay laboratory at GoldBod by the end of the year.
“Our next policy line will be to encourage the GoldBod to, latest by the end of the year, have a fire assay lab so that all large-scale mining companies will take their gold through fire assay at the gold board lab, for us to ascertain the true value of our royalties,” he said.
He explained that the move would improve transparency and help the state determine the true value of its gold. Dr Forson urged public support for the initiative, stating, “That Ghana must refine its own gold and retain greater value from its natural resources.”
He added, “For the first time, we will see gold bars stamped in the name of the Ghana Gold Board and the Government of Ghana being sold on the international market.”
