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.
The Minister undertook the visit together with the Chief Executive Officer of GoldBod, Sammy Gyamfi, and the Deputy Chief Executive Officer of GoldBod. They were received and conducted round the facility by Dr. Saeed Deraz, Chairman and Chief Executive Officer of Gold Coast Refinery Ltd.
Speaking after the tour, Dr. Forson commended the management and staff of the refinery for what he termed the successful establishment and operation of 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,” the Minister stated. “I commend the management and staff for establishing and operating such an impressive refinery.”
Dr. Forson 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 him, with a refining capacity of up to two tonnes of gold per week, the country is gradually shifting from the traditional model of exporting raw gold to exporting fully refined Ghanaian gold. He emphasised that this transition will deepen value addition within the mining sector, create skilled employment opportunities, and significantly strengthen 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 to enhance 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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