Ghana, Africa’s leading gold producer, is set to begin refining gold locally from October 2025 as part of efforts to strengthen its mining value chain and reduce dependence on raw gold exports.
According to Business Insider Africa, the Ghana Gold Board announced at the Mining and Minerals Convention in Accra that it will launch local gold refining and fire assay operations later this year.
The initiative, which forms part of President John Mahama’s research agenda, is being implemented in partnership with the Bank of Ghana and local refiners, including Gold Coast Refinery.
A site has already been secured at the Cargo Village of Kotoka International Airport for an ISO-certified assay laboratory, which will adopt fire assay testing—a globally recognised gold standard—to replace existing XRF and water density methods.
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The CEO of the Ghana Gold Board, Sammy Gyamfi, emphasized that this transition will apply to all gold produced or exported from Ghana, both at small-scale and industrial levels.
The country also plans to establish a fully state-owned international standard refinery, a move aimed at transforming Ghana from a raw gold exporter to a bullion hub on the continent.
“This is about asserting our sovereignty over our gold wealth and ensuring that our people benefit fully from the resources God has blessed us with,” Gyamfi stated.
Industry stakeholders, including the Ghana Chamber of Mines, have signaled their readiness to collaborate with the Board to ensure locally produced gold from large-scale mines is refined within the country.
Analysts note that retaining more value from gold will help Ghana consolidate its status as a continental hub for bullion trade.
The initiative comes at a time when Ghana is bolstering its gold reserves to strengthen foreign exchange buffers.
The Bank of Ghana reported that reserves rose to 32.99 tonnes in June 2025, up from 32.16 tonnes in May, reflecting ongoing efforts to hedge gold exports and safeguard revenues.
Image Credit: CediRates
