Accra, Oct. 20, GNA – The Ghana Gold Board (GoldBod) has refined 76 per cent of the gold it aggregated and exported since August 2026 locally, reflecting the country’s growing capacity to retain more value from its mineral resources.
Mr Sammy Gyamfi, the Chief Executive Officer of GoldBod, disclosed this at the Mining in Motion forum in Accra on Tuesday, saying the country had refined 18.7 tonnes out of the 25 tonnes of gold aggregated and exported since August.
He said local refining had increased significantly, with Ghana refining 5.4 tonnes out of the 5.7 tonnes of gold purchased and exported in October alone, representing 95 per cent of the total.
Mr Gyamfi said the development formed part of efforts to strengthen local participation in the gold value chain and promote mineral sovereignty across Africa.
He explained that mineral sovereignty should extend beyond ownership of natural resources to include control over financing, equipment, technology, processing, trading and other high-value activities in the mining industry.
The GoldBod Chief Executive commended the management of Gold Coast Refinery and Royal Ghana Gold Refinery for their commitment and efforts to develop strategies to attain accreditation from the London Bullion Market Association (LBMA) within the next three to five years, with regulatory guidance from GoldBod.
He said expanding local refining capacity was critical to ensuring that Ghana derived greater economic benefits from its gold resources rather than exporting the mineral predominantly in its raw form.
“Extraction without intentional policy does not automatically produce transformation. Mines do not build nations by accident,” he said, emphasising the need for deliberate policies, strategic partnerships and effective implementation.
Mr Gyamfi said Ghana was also addressing one of the major barriers to greater indigenous participation in the mining industry: the high cost and risks associated with geological investigations.
Under its Mine Support Programme, GoldBod was partnering the Ghana Geological Survey Authority to conduct geological studies in selected areas to identify viable mineral deposits and attract credible international investors.
He said geological investigations were ongoing in the Upper West and Ashanti regions, including areas around Bibiani, as part of efforts to develop a reliable portfolio of investment-ready mineral assets.
According to him, the studies would reduce investment risks and strengthen GoldBod’s ability to negotiate better equity stakes for Ghana in the resulting mining ventures.
He said the approach would help the country move beyond reliance on free-carried interests and royalties towards securing greater equity ownership in sustainable mining operations.
Mr Gyamfi called for stronger cooperation among African countries to address challenges associated with illicit mineral flows, financing, technology and the retention of value from mineral resources.
He said Ghana’s experience in formalising gold trade, expanding indigenous participation and increasing local value addition could contribute to the development of a continental framework for mineral sovereignty and governance.
He, however, acknowledged that Ghana’s model was not a rigid template for other African countries, noting that national laws, mineral resources and institutional capacities differed across the continent.
“Ghana’s gold must do more than glitter in global markets. It must finance Africa’s transformation, create dignified work for our young people, and ensure a fair share of benefits for mining communities,” he said.
He urged African governments to strengthen local ownership, refining, processing and manufacturing to ensure that mineral wealth translated into job creation, economic stability and long-term prosperity.
GNA
Edited by Agnes Boye-Doe
Reporter: Albert Oppong-Ansah
Email: [email protected]