What is the story about?
What's Happening?
The Ghana Gold Board has announced plans to commence local gold refining and introduce fire assay operations starting October 2025. This initiative, part of President Mahama's research agenda, aims to refine gold locally rather than exporting raw doré. The Board is collaborating with the Bank of Ghana and local refineries, such as Gold Coast Refinery, to establish an ISO-certified assay laboratory at Kotoka International Airport. The new facility will replace existing methods with fire assay testing, an internationally recognized gold standard.
Why It's Important?
Ghana's move to refine gold locally is a strategic effort to add value to its mineral exports and assert sovereignty over its gold wealth. By shifting from exporting raw doré to refined bullion, Ghana aims to retain more economic benefits from its gold production. This initiative strengthens Ghana's position as a continental hub for bullion trade and aligns with broader efforts to build stronger foreign exchange buffers. The collaboration with large-scale mining companies further supports the country's goal of maximizing the value of its natural resources.
What's Next?
The establishment of a state-owned international standard refinery is underway, which will advance local refining capabilities. The Ghana Chamber of Mines has expressed readiness to collaborate with the Gold Board, indicating potential growth in local refining operations. As Ghana transitions to refining bullion, it may attract more international trade and investment, enhancing its economic standing. The initiative also supports Ghana's plans to hedge gold exports, safeguarding earnings and strengthening central bank reserves.
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