Government Plans to Halt Raw Gold Exports to Boost Local Refining – Ato Forson

The government is preparing to bring an end to the export of raw gold as part of broader efforts to expand domestic processing and strengthen Ghana’s gold refining industry, Finance Minister Dr Cassiel Ato Forson has announced.

He revealed that progress is already being made, with the Gold Coast Refinery now refining approximately one metric tonne of gold locally every week. According to him, the facility has the capacity to double that output to two metric tonnes per week.

Dr Forson made the disclosure after touring the Gold Coast Refinery on Wednesday, February 4, where he explained that the Gold Board has committed to supplying the refinery with one metric tonne of gold weekly for processing, with plans to increase the quantity in the near future.

The Finance Minister also noted that the Gold Board currently has the ability to purchase an average of 2.5 tonnes of gold each week, much of which the government intends to redirect toward local refining.

“This refinery has the capability to process up to two tonnes of gold every week. The Gold Board has agreed to supply one tonne weekly for now, but this will soon be increased to two tonnes.

“At present, Gold Board can buy about 2.5 tonnes each week, and it is government policy to ensure that very soon, raw gold will no longer be exported from Ghana,” he stated.

The move is aimed at increasing value addition within the mining sector, creating jobs, and retaining more revenue within the country.