Finance Minister Lauds Gold Coast Refinery as Key to Ghana’s Gold Value Addition Drive
The Minister of Finance, Dr. Cassiel Ato Forson, has described the Gold Coast Refinery as a landmark achievement in Ghana’s industrialisation drive and broader economic transformation agenda following an inspection of the facility.
Dr. Forson conducted the visit alongside GoldBod’s Chief Executive Officer, Sammy Gyamfi, and Deputy CEO, Richard Nunekpeku. They were received and guided through the facility by Dr. Saeed Deraz, Chairman and CEO of Gold Coast Refinery Ltd.
After the tour, the Finance Minister praised the management and staff for successfully establishing and operating a world-class gold processing facility. He noted that the project reflects Ghana’s long-standing aspiration to move beyond exporting raw minerals.
“A while ago, I inspected the Gold Coast Refinery, a facility that represents a major step in Ghana’s industrial and economic transformation. I commend the management and staff for establishing and operating such an impressive refinery,” he said.
Dr. Forson explained that the refinery embodies a vision first articulated by President John Dramani Mahama in 2016 that Ghana should refine its gold locally to retain greater value from its resources rather than exporting unprocessed bullion.
With a refining capacity of up to two tonnes of gold per week, Ghana is gradually transitioning from exporting raw gold to exporting fully refined domestic gold, the Minister noted. He added that this shift will enhance value addition in the mining sector, create skilled jobs, and boost the nation’s foreign exchange earnings.
The Finance Minister also disclosed that government is partnering with GoldBod to establish a modern fire assay laboratory before year-end. The facility will improve scientific verification of gold quality and valuation in Ghana.
“For the first time since independence, Ghana will have the domestic capacity to determine the true value and purity of its gold. This will improve royalty assessments, enhance transparency and increase national revenue,” he added.
Dr. Forson emphasised that the initiative forms part of a broader economic reset strategy focused on strengthening institutions and ensuring Ghana maximises benefits from its natural resources.
“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,” Dr. Forson noted.
The inspection underscores the government’s renewed focus on downstream mineral processing as a key pillar for economic diversification, revenue mobilisation, and sustainable industrial growth.
