The Minister for Finance, Dr. Cassiel Ato Forson, has described the Gold Coast Refinery as a significant milestone in Ghana’s industrialisation drive and broader economic transformation agenda following an inspection tour of the facility.
Dr. Forson undertook the visit alongside the Chief Executive Officer of GoldBod, Sammy Gyamfi, and the Deputy Chief Executive Officer, Richard Nunekpeku. They were received and guided around the facility by Dr. Saeed Deraz, Chairman and Chief Executive Officer of Gold Coast Refinery Ltd.
Speaking after the tour, the Finance Minister commended the management and staff for establishing and operating a world-class gold processing facility, noting that the project reflects a long-standing national aspiration to move Ghana beyond the export of 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,” Dr. Forson stated. “I commend the management and staff for establishing and operating such an impressive refinery.”
He explained that the refinery embodies a vision first articulated by President John Dramani Mahama in 2016 — that Ghana must refine its own gold locally and retain greater value from its natural resources rather than exporting unprocessed bullion.
According to Dr. Forson, with a refining capacity of up to two tonnes of gold per week, the country is gradually shifting from exporting raw gold to exporting fully refined Ghanaian gold. He emphasised that this transition will deepen value addition in the mining sector, create skilled employment opportunities, and significantly boost the nation’s foreign exchange earnings.
The Finance Minister also revealed that government is collaborating with GoldBod to establish a modern fire assay laboratory before the end of the year, aimed at enhancing scientific verification of gold quality and valuation within the country.
“For the first time since independence, Ghana will have the domestic scientific capacity to determine the true value and purity of its gold,” he noted. “This will improve royalty assessments, enhance transparency, and boost national revenue.”
Dr. Forson stressed that the initiative forms part of a broader economic reset strategy focused on institutional strengthening and maximising the benefits derived from Ghana’s natural wealth.
“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,” he said.
The inspection underscores government’s renewed emphasis on downstream mineral processing as a pillar of economic diversification, revenue mobilisation, and sustainable industrial growth.
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