Raw gold exports declining as Ghana shifts to refining agenda - Sammy Gyamfi
Sammy Gyamfi, CEO of the Gold Board, says Ghana has begun shifting away from exporting raw gold. Speaking on Joy News' PM Express Business Edition recently, he said, "Ghana, since we started mining gold, even when we were the Gold Coast till 2024, we have always exported gold in this raw form." He also noted that the refineries "have not gotten the needed support from the government to be able to refine a significant portion of the gold that we produce before we export."
Mr. Gyamfi stated that when President John Mahama was appointing him, the president gave him matching orders to move Ghana away from raw exports. The president wanted "an end and a move away from a dore, what we call raw gold, to bullion or refined gold, so that we can optimise benefits from the entire value chain." The Gold Board has taken up that task and commenced local value conditions, starting with local refining in Ghana. Sammy Gyamfi pointed to an agreement with Gold Coast Refinery that provides for Gold Board to allocate to the Gold Coast refinery gold up to one kilogram of gold every week.
Pilot operations have already begun, with an initial trial of 200 kg. Mr. Gyamfi said, "There were some teething challenges; we took a step back to resolve them, and we are resuming." The goal is to attain one metric ton of refined gold on a weekly basis. Mr. Gyamfi stressed that "once this agreement takes off fully, we will be reducing gradually the quantity of raw gold that we export, and will rather be increasing the quantity of refined gold."
Quick Summary
Ghana is changing its approach to gold exports, according to Gold Board CEO Sammy Gyamfi. The country has begun to reduce the amount of raw gold leaving its borders - a shift from practices reaching back to the Gold Coast era.
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