Bank of Ghana Governor Says Local Refining of Gold Will Boost Ghana’s Balance of Payments

GoldBod inks refinery agreement with Royal Ghana Gold Refinery to process at least one metric tonne weekly—targets reduced purity loss, more jobs, and value retention
The Governor of the Central Bank, Dr. Johnson Asiamah, has said Ghana’s long-term economic gains will depend profoundly on adding value to its natural resources—particularly gold—through local processing instead of exporting the precious metal in raw form.
Speaking at the signing ceremony of a refinery services agreement between the Ghana Gold Board (GoldBod) and Royal Ghana Gold Refinery, Dr. Asiamah underscored that value addition will not only create jobs and increase revenue, but will also help improve the country’s balance of payments.
He urged that gold is not the only resource that must be processed within the country. According to him, oil and cocoa, like gold, are also “long overdue” for value addition. The fundamental argument, he stated, is that when Ghana refines and processes its own resources, the country captures greater economic benefits and reduces the outflow of value.
“Value addition offers enormous benefits in job creation, higher revenue and other benefits,” Governor Asiamah said, framing the refinery agreement as part of a broader national agenda to reshape the way Ghana benefits from its mineral wealth.
Ending the “Raw Minerals” Narrative
Underpinning the ceremony was a clear policy message: Ghana must move away from exporting raw minerals and toward local beneficiation.
The Chief Executive Officer of GoldBod, Sammy Gyamfi, reaffirmed that the government’s direction is to change the narrative of continuous exports of unprocessed minerals. He stated that President John Dramani Mahama’s vision is to end the export of raw minerals by 2030, and that GoldBod has been mandated to lead steps toward achieving that target.
Mr. Gyamfi clarified that the goal is not only to attract investment, but to ensure that Ghana retains more value through in-country refining. He noted that before the current policy push, Ghana lacked sufficient functioning refining capacity for gold, an indication that much of the metal produced domestically from both large-scale and small-scale mining was exported in raw form.
He stressed that since the establishment of GoldBod, his outfit has worked to build the framework for local refining by putting operating measures, systems, and partnerships in place to support value retention.
“We have been given the mandate to lead the process,” the GoldBod Ceo said, adding that Ghana has now begun shifting from exporting raw minerals toward refining them locally through partnerships with established private refineries.
One Tonne Weekly Target to Reduce Purity Losses
At the heart of the agreement is a commitment to refine gold locally at a scale that can meaningfully impact national outcomes.
Mr. Gyamfi stated that local refinery services will help prevent purity losses that may occur when gold is refined outside Ghana. Purity preservation, he argued, is important because it affects both the quality of the refined product and the economic value gained from the mineral.
He said the agreement sets a practical target: Royal Ghana Gold Refinery is expected to refine at least one metric tonne of gold per week, subject to the refinery’s capacity and operational readiness.
He added that GoldBod is already working with other refineries as part of the strategy to expand local processing, referencing a previous agreement with Gold Coast Refinery signed in February of this year, which is also designed to enable weekly refining.
While acknowledging that the target is still being met and operational realities continue to evolve, Mr. Gyamfi pointed to a clear direction: Ghana is building a pipeline of local refining capacity rather than relying on external processing.
Royal Ghana Gold Refinery to Align with 24-Hour Economy
Royal Ghana Gold Refinery’s CEO, Eric Frimpong, said the refinery will align with the government’s 24-hour economy programme. He noted that enabling gold refining on a sustained schedule can create more jobs, support stable production, and provide consistent market activity—benefits that extend beyond the refinery itself to the broader economy.
Mr. Frimpong portrayed the agreement as a practical partnership between the state and investors, and highlighted the importance of operational continuity to take full advantage of policy incentives under the 24-hour economy model.
GoldBod’s Strategy: Partnerships, Scaling, and Technical Readiness
Beyond the signing ceremony, GoldBod indicated that the long-term plan includes scaling up local refining capacity even further, as Mr. Gyamfi said the Board has been working with private investors and that the agenda is designed to ensure private participation without discrimination. He underscored that the government’s intent is to create an environment where investors can operate confidently and contribute to national development goals.
He also noted that GoldBod has started engagement processes with technical partners, and that further actions could be taken depending on technical findings and operational capacity to refine more. Mr. Gyamfi pointed to the scale of Ghana’s gold production as justification for expanding refining capacity. He stated that total annual gold output across small-scale and large-scale operations is over 200 metric tons, which means Ghana has both the resource-base and the economic urgency to develop stronger domestic refining capability.
Progress Since 2025 and Next Steps for Expansion
In outlining achievements since the policy shift, the CEO of GoldBod emphasized that Ghana’s refining landscape has changed in a short time. He said that the country’s gold refining ecosystem is being rebuilt through agreements with refineries already established in Ghana, while also laying groundwork for future expansion. The strategy, he implied, is to move step-by-step: begin by partnering with existing capable facilities, then expand by building or strengthening additional refineries to meet national demand.
The ceremony also reflected the broader expectation that local refining will become more entrenched, not temporary. Gyamfi described the current agreements as a significant shift in how Ghana processes its minerals and how it expects future benefits to be distributed across jobs, revenue, and economic retention.
Job Creation and Local Economic Benefits
A recurring theme throughout the event was employment and local economic impact. Gyamfi stated that refinery services under the new framework are expected to generate substantial employment opportunities.
He said employment benefits are expected to reach communities and stakeholders involved in the mining and processing value chain. In the case of Royal Ghana Gold Refinery, he described the refinery’s operations as aligned with the broader goals of the state, including efforts to expand refining while building capacity to run operations effectively and create jobs.
In addition, he emphasized that refining activity within Ghana keeps key stages of the value chain inside the country—meaning more income remains within Ghana rather than flowing out through export of raw gold.
A Policy Milestone in Ghana’s Value Addition Agenda
With multiple agreements now being signed and local refineries prepared to take on weekly refining responsibilities, the Gold Board’s partnership model appears to be gaining momentum.
Governor Johnson Asiamah framed the move as a major step toward improving Ghana’s external position, stating that refined exports and captured value can strengthen the country’s balance of payments.
In the end, the refinery services agreement with Royal Ghana Gold Refinery was presented not just as a commercial contract, but as a national milestone—one aligned with the government’s ambition to transform how Ghana benefits from its natural resources.
As Ghana seeks to reverse the long-standing trend of raw mineral exports, local refining—supported by policy direction, investment partnerships, and targets for weekly processing—could become the engine that converts mineral wealth into measurable national growth.