Ghana will begin refining gold locally from October 2025 as part of efforts to lift export revenue and strengthen its position in the bullion trade, the Ghana Gold Board said last week.
The initiative, disclosed by Sammy Gyamfi, CEO at the Mining and Minerals Convention in Accra, will also introduce fire assay testing to replace existing XRF and water density methods, boosting the commodity’s appeal at the global market.
Fire assay is internationally recognised as the most precise technique for determining gold purity. Authorities have already secured a site at the Cargo Village of Kotoka International Airport for the construction of an ISO-certified assay laboratory.
“Our aim is to shift Ghana’s assay regime from XRF and water density to fire assay for all gold, both small-scale and large-scale, produced in or exported from Ghana,” Gyamfi said.
He added that the Ghana Chamber of Mines had signalled its readiness to collaborate with the Board to refine gold from large-scale producers locally.
The plan is part of President John Mahama’s research agenda and is being carried out in partnership with the Bank of Ghana (BoG) and domestic operators such as Gold Coast Refinery.
Boosting bullion trade
The Gold Board is also working on establishing a wholly state-owned refinery built to international standards, enabling Ghana to transition from exporting doré to producing bullion.
“It is a national shame that as a longstanding continental leader in gold production, Ghana continues to export doré, which is raw gold, instead of bullion. The Ghana Gold Board is determined to change this as a matter of urgency,” Gyamfi said.
He added that the initiative is designed not only to retain more value from gold production but also to preserve the nation’s mineral wealth.
“This is about asserting our sovereignty over our gold wealth and making sure our people benefit fully from the resources that God has blessed us with,” he said.
The projects are expected to complement the cocoa producer’s broader strategy to strengthen its foreign exchange buffers.
Central bank data shows the country’s gold reserves rose to 32.99 tonnes in June 2025, up from 32.16 tonnes in May.
Earlier this year, the BoG revealed plans to hedge gold exports, a move aimed at stabilising earnings and further boosting reserves.
