Ghana, Africa’s leading gold producer, will launch local gold refining and fire assay operations in October 2025, according to the Ghana Gold Board.
The announcement was made by the Board’s Chief Executive Officer, Sammy Gyamfi, during the Mining and Minerals Convention in Accra on Tuesday, September 9, 2025.
According to the Board, the initiative forms part of President Mahama’s research agenda and involves collaboration between the Ghana Gold Board, the Bank of Ghana, and local refiners such as Gold Coast Refinery.
From October, gold purchased and exported by the Board will undergo refining within the country.
A site has already been secured at the Cargo Village of Kotoka International Airport for the construction of an ISO-certified assay laboratory, which will introduce fire assay testing, an internationally recognised standard, to replace the 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 said.
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In addition, plans are underway for the creation of a wholly state-owned international standard refinery, intended to move Ghana from exporting doré, raw gold, to bullion.
This shift is expected to help the country retain more value from its gold resources while solidifying its role as a hub for bullion trade across the continent, Business Insider reported.
“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 stated.
He further noted that the Ghana Chamber of Mines has expressed its readiness to work with the Gold Board to ensure that gold from large-scale mining companies is refined locally.
“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 added.
The initiative also aligns with Ghana’s broader strategy to maximize value from its mineral exports.
Recently, the government announced plans to hedge gold exports to protect earnings that have helped strengthen the central bank’s foreign reserves.
According to the Bank of Ghana, the country’s gold reserves stood at 32.99 tonnes at the end of June 2025, up from 32.16 tonnes in May, underscoring ongoing efforts to reinforce foreign exchange buffers.
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Image Credit: Business Insider Africa
