The Minister for Finance, Dr. Cassiel Ato Forson, visited the Gold Coast Refinery and described it as an important development in Ghana’s efforts to industrialise and transform its economy. The inspection was conducted alongside Sammy Gyamfi, Chief Executive Officer of GoldBod, and the Deputy CEO of GoldBod. They were welcomed by Dr. Saeed Deraz, Chairman and CEO of Gold Coast Refinery Ltd.
After touring the facility, Dr. Forson praised the refinery’s management and staff for their work in establishing what he called a world-class gold processing operation. He said this achievement aligns with Ghana’s long-term goal to process its own minerals rather than exporting them in raw form.
“A while ago, I inspected the Gold Coast Refinery, a facility that represents a major step in Ghana’s industrial and economic transformation,” Dr. Forson stated. “I commend the management and staff for establishing and operating such an impressive refinery.”
Dr. Forson explained that the idea behind local gold refining was first outlined by President John Dramani Mahama in 2016, aiming for Ghana to keep more value from its resources instead of sending unprocessed bullion abroad.
He noted that with a weekly refining capacity of up to two tonnes of gold, Ghana is moving away from exporting raw gold towards selling fully refined products. This change is expected to increase value addition within mining, create skilled jobs, and improve foreign exchange earnings.
The Finance Minister also announced government plans to work with GoldBod on setting up a modern fire assay laboratory before year-end. This lab will help verify gold quality scientifically 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,” he said. “This will improve royalty assessments, enhance transparency, and boost national revenue.”
Dr. Forson added that these steps are part of a wider strategy aimed at strengthening institutions and ensuring that natural resources benefit Ghanaians.
“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.
The visit highlights government efforts to focus on downstream mineral processing as a way to diversify the economy, raise revenue, and support sustainable industrial growth.