The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, says between 80 and 90 per cent of the gold purchased and exported by the institution is now refined in Ghana before shipment.
He said the shift towards local refining was helping the country retain more economic benefits from its gold resources through job creation, refining fees and the use of silver, a by-product of the process, to support the local fabrication industry.
Speaking before the Public Accounts Committee (PAC) on Tuesday, October 13, Mr Gyamfi said GoldBod was on course to achieve, and potentially exceed, its gold purchase and export targets for 2025. He added that the institution was also expected to surpass its foreign exchange generation performance for the year.
He described the increase in domestic refining as a major change in how Ghana adds value to its mineral resources, noting that gold was not routinely refined locally before GoldBod was established.
“I’m happy to report to this Honourable Committee that, as we speak, about 80 to 90 per cent of the gold we purchase and export is refined here locally,” he said.
Mr Gyamfi said the development was creating employment opportunities for young Ghanaians, with local refineries operating around the clock to process the gold.
“That means jobs for the teeming unemployed youth, because these refineries are operating 24/7, employing Ghanaians,” he added.
He further explained that local refining was keeping more money in the domestic economy, as fees previously paid to refineries abroad were now going to operators in Ghana.
According to him, the arrangement allows the country to benefit beyond the extraction and export of raw gold by retaining a greater share of the value generated throughout the gold supply chain.
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