Ghana: Africa’s Top Gold Producer to Kick off Local Gold Refining Drive This Year
The Ghana Gold Board has announced plans to commence local gold refining and introduce fire assay operations in October 2025.
The Ghana Gold Board has announced plans to commence local gold refining and introduce fire assay operations in October 2025.
The development was disclosed by Chief Executive Officer of the Board, Sammy Gyamfi, at the Mining and Minerals Convention in Accra on Tuesday, September 9, 2025.
According to the Board, the initiative is part of the research agenda of President Mahama, with the Gold Board working in partnership with the Bank of Ghana and local refineries such as Gold Coast Refinery. The plan will see gold purchased and exported by the Board refined locally from October.
A site has already been secured at the Cargo Village of Kotoka International Airport for the construction of an ISO-certified assay laboratory. The new facility will introduce fire assay testing, an internationally recognised gold standard, replacing existing XRF and water density methods.
“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 stated.
Plans are also underway for the establishment of a wholly state-owned international standard refinery to advance local refining and move Ghana from the export of doré to bullion.
The refinery and assay projects are expected to help Ghana retain more value from its gold, while strengthening its position as a continental hub for bullion trade.
“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,” Gyamfi said.
He added that the Ghana Chamber of Mines had expressed readiness to collaborate with the Gold Board to refine gold produced by large-scale mining companies locally.
According to Gyamfi, the initiative is aimed at adding value to Ghana’s mineral exports. “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,” he stated.
Recall that Ghana revealed its plans to hedge its gold exports in a bid to safeguard the earnings that have strengthened its central bank’s foreign reserves.
According to the Bank of Ghana, the country’s gold reserves rose to 32.99 tonnes at the end of June 2025, up from 32.16 tonnes in May, reflecting a steady effort to build stronger foreign exchange buffers.
