Ghana Must Stop Exporting Gold for Refining – Ato Forson

Finance Minister Dr Cassiel Ato Forson has urged Ghana to prioritise domestic gold refining, arguing that processing the country’s gold locally would create employment opportunities, strengthen the economy and ensure greater value is retained within the country.

He made the call during an interaction with lecturers and students of the University of Ghana, where he questioned why Ghana continues to export gold to other countries for refining despite being one of Africa’s major gold producers.

According to the minister, gold mined in Ghana is often transported to South Africa for refining before being sent to European markets, a practice he believes deprives the country of opportunities to develop its own mineral processing industry.

Dr Forson maintained that Ghana must reconsider this arrangement and establish the necessary facilities to process more of its gold domestically.

He cited the activities of the Ghana Gold Board (GoldBod), which he said purchases approximately three tonnes of gold monthly, as evidence of the potential market available to support local refining operations.

The Finance Minister explained that establishing a domestic refining industry could generate employment, even at its early stages, while creating opportunities for additional businesses connected to the gold value chain.

He stressed that the benefits would go beyond direct employment, noting that local processing could stimulate other commercial activities and help Ghana capture a larger share of the economic benefits associated with its mineral resources.

Dr Forson also proposed the development of a gold trading market, commonly referred to as a gold souk, as part of efforts to expand the country’s gold industry.

He further argued that Ghana could position itself as a major regional refining centre by attracting gold supplies from neighbouring countries.

He mentioned Burkina Faso, Niger, Mali and Côte d’Ivoire as countries whose gold could be brought to Ghana for processing if the necessary industrial infrastructure were established.

The minister acknowledged that Ghana had not given sufficient attention to developing its domestic gold refining capacity, insisting that a more purposeful approach was needed to unlock the sector’s economic potential.

He said a deliberate investment in local refining would help create jobs, promote value addition and establish Ghana as an important destination for gold processing and trading in West Africa.

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