By Lawrence Odoom
THE GOVERNMENT is preparing to end the export of raw gold as part of efforts to strengthen local value addition and expand Ghana’s gold processing industry, Finance Minister Dr. Cassiel Ato Forson has announced.
Dr. Forson made this known during a visit to the Gold Coast Refinery, where he said significant progress has been made to position Ghana as a key player in gold refining rather than just a raw material exporter.
According to the Finance Minister, the Gold Coast Refinery is currently refining one metric tonne of gold every week and has the capacity to process up to two metric tonnes weekly. He described the development as a major step towards boosting domestic refining and retaining more value from Ghana’s gold resources.
He further disclosed that the Gold Board has committed to supplying the refinery with one metric tonne of gold per week, with plans already underway to increase the supply in the near future. This, he said, will ensure steady operations and help expand the refinery’s output.
Dr. Forson explained that the government plans to channel more gold into local refineries by leveraging the Gold Board’s capacity to purchase about 2.5 metric tonnes of gold every week. This approach, he noted, will gradually reduce Ghana’s dependence on exporting unprocessed gold.
“In the shortest possible time, we will stop exporting raw gold and ensure that more of our gold is refined locally,” the Finance Minister stated.
He stressed that the policy is aimed at promoting industrial growth, creating jobs, increasing government revenue, and strengthening the local gold value chain. By refining gold locally, Ghana stands to gain more from its mineral resources while building a stronger and more competitive gold processing industry.
The move forms part of the government’s broader strategy to promote value addition, industrialisation, and sustainable economic development.
Source: Nationaltymes.com
