2027 Budget: Government Targets 100% Local Refining of ASM Gold by 2028

In a bid to maximize value from Ghana's mineral wealth, the government has set ambitious targets to ensure 100% local refining of artisanal and small-scale gold by December 2028. Finance Minister Dr. Cassiel Ato Forson revealed these plans while presenting the 2027 Budget Statement and Economic Policy to Parliament, highlighting a $1.5 billion investment into developing an industrial mineral economy around gold, manganese, bauxite and lithium.

Forson pointed out that Ghana has a history of exporting mineral resources, yet the majority of refining, metallurgy, manufacturing, technology development, and skilled employment associated with the sector takes place abroad. To address this, the government aims to refine at least 70% of Ghana's artisanal and small-scale gold locally by the end of 2027, with the target escalating to 100% by December 2028.

The Minister further outlined plans to process at least 50% of the country’s manganese and bauxite locally by the end of 2028, leading to further developments in aluminium refining and smelting. Additionally, lithium production would commence with local refining and could progress into battery-grade chemicals, components, and cells. To support this initiative, a 24-hour critical mineral processing enclave is set to be established in the Western Region, complete with a power backbone to facilitate the operations.

The success of these initiatives will be measured by the value retained within Ghana, export earnings, skilled employment opportunities, the growth of Ghanaian suppliers, technology transfer, and environmental performance. The government's objective is to transform the mineral sector from one primarily focused on raw exports to one that generates greater economic benefits for the nation.