GoldBod Leads New Era of Gold Value Addition with Plans for Ghana’s First Fire Assay Lab

The Minister for Finance and Economic Planning, Dr. Cassiel Ato Forson, has announced that plans are far advanced for the Ghana Gold Board to establish Ghana’s first-ever fire assay laboratory.

He said the move is aimed at enabling the country to independently verify the true value of gold produced by large-scale mining companies and secure accurate royalty payments.

Dr. Forson made the announcement while addressing the media during an inspection of the first batch of locally refined gold at the Gold Coast Refinery, following the commencement of domestic gold refining under GoldBod’s partnership with Gold Coast Refinery and Rand Refinery.

“Our next policy line is to encourage Ghana Gold Board latest by the end of the year to have a fire assay lab so that all large-scale mining companies will take their gold through fire assay at the GoldBod lab for us to ascertain the true value of our royalties,” the Minister stated.

He revealed that since independence, Ghana has never had a fire assay lab to ascertain whether the country is getting the right royalties or not, leaving the country at the mercy of the large-scale mining companies.

“Today, I can confidently say that plans are far in advance and by the end of the year, Ghana will have its first ever fire assay lab for us to get the true value of our royalties so that we can use these royalties to develop our country,” he announced.

The Finance Minister commended GoldBod for what he described as a transformative impact on Ghana’s gold industry, noting that the institution has fundamentally changed how the country manages and derives value from its gold resources.

“On behalf of the government and the people of Ghana, let me congratulate the Ghana Gold Board for an excellent work done,” Dr. Forson said, also praising Gold Coast Refinery and its technical partner, Rand Refinery.

He described GoldBod’s operations as “revolutionary” and “visionary,” adding that its model has attracted international attention.

Dr. Forson disclosed that GoldBod currently has the capacity to purchase an average of 2.5 tonnes of gold per week, reinforcing government policy to end the export of raw gold in the shortest possible time.

He noted that the Gold Coast Refinery, which has a refining capacity of two tonnes per week, has begun operations with an initial supply of one tonne per week under the agreement with GoldBod.

According to the Minister, the commencement of refining has already led to the employment of approximately 162 workers and enabled the refinery to operate on a 24-hour basis in line with the government’s 24-hour economy policy.

He further highlighted the significance of locally refined gold bars now bearing the stamp of the Ghana Gold Board and the Bank of Ghana for the first time in the country’s history.

“For the first time, you will be able to see a gold bar stamped in the name of Ghana Gold Board and the Bank of Ghana,” Dr. Forson said, adding that Ghana’s gold is now being refined locally before being sold on the international market.

He also revealed that Gold Coast Refinery has been tasked to work towards obtaining London Bullion Market Association (LBMA) certification, which would allow Ghana to export gold stamped as LBMA-approved.

The Finance Minister called on Ghanaians to support the vision of President John Dramani Mahama, describing the commencement of local gold refining as a major milestone in the country’s economic transformation.

“Join me to celebrate the beginning of the refining of our gold. Today is the first batch of the refining process we began,” he confirmed.

His remarks follow a tour of the Gold Coast Refinery premises together with the CEO of the Ghana Gold Board, Sammy Gyamfi, Esq.

Chairman and CEO of Gold Coast Refinery, Dr. Saed Deraz who took the Minister on the tour of his facility explained how gold is refined from the raw ore to refined gold bars.

He made the Minister experience first-hand the machines and operations that raw gold supplied by GoldBod undergoes before it is molded into bars for export.

This tour follows a refining agreement signed in January 2026 between the Ghana Gold Board and the Gold Coast Refinery with technical support from Rand Refinery, the only LBMA refinery in Africa.