GoldBod refines up to 90% of gold locally before export – Sammy Gyamfi
The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, says between 80 and 90 per cent of the gold purchased and exported by the institution is now refined in Ghana before shipment. He said the shift towards local refining was helping the country retain more economic benefits from its gold resources through […]
The Ghana Gold Board (GoldBod) has now refined up to 90% of the gold it purchases and exports locally, according to the Chief Executive Officer, Sammy Gyamfi. Speaking before the Public Accounts Committee on October 13, Gyamfi revealed that this shift to domestic refining was a significant change in how Ghana adds value to its mineral resources. Previously, such practices were not common before GoldBod's establishment.
Gyamfi highlighted that this development was generating employment opportunities for young Ghanaians, with local refineries operating around the clock to process the gold. These refineries are employing Ghanaians, addressing the issue of youth unemployment. Additionally, local refining is helping to retain more money within the domestic economy.
Fees that were previously paid to foreign refineries are now staying in Ghana, benefiting the local operators. This arrangement allows the country to benefit from the gold supply chain beyond the extraction and export of raw gold.
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