The Chief Executive Officer of the Ghana Gold Board (GoldBod), Mr. Sammy Gyamfi, has issued a rallying call for Ghana to end its decades-long dependence on raw gold exports, describing the practice as a “national shame” that undermines the country’s economic potential.
Speaking at the maiden edition of the Mining and Minerals Convention, Mr. Gyamfi outlined a comprehensive strategy to transform Ghana’s gold industry from raw extraction to full-scale value addition.
“It is a national shame that as a long-standing continental leader in gold production, Ghana continues to export doré (raw gold) instead of bullion (refined gold).
“The Ghana Gold Board is determined to change this narrative as a matter of urgency.”
- Mr. Sammy Gyamfi, Chief Executive Officer of the GoldBod
As part of this vision, Mr. Gyamfi disclosed that the GoldBod, working in partnership with the Bank of Ghana, has begun collaborating with local refineries, including the Gold Coast Refinery, to ensure that all gold purchased and exported through the GoldBod undergoes refining within Ghana.
This, he said, aligns with the government’s broader reset agenda under President John Dramani Mahama’s administration, which prioritizes industrialization and greater domestic control over the country’s mineral wealth. `He further commended the Ghana Chamber of Mines for showing readiness to work with the Board to refine gold produced by large-scale mining firms locally, a move he described as critical to reshaping Ghana’s international reputation in the gold trade.
Assay and Refinery Facilities at Kotoka International Airport
Mr. Gyamfi also unveiled plans for state-of-the-art infrastructure to underpin this transformation.
“We have secured a parcel of land at the cargo village of the Kotoka International Airport to build an ultra-modern ISO-certified assay laboratory.” said Mr. Sammy Gyamfi, Chief Executive Officer of the GoldBod.
The facility, he explained, will introduce fire assay, the globally recognized standard for testing gold purity—to replace the current reliance on XRF and water density methods.
On the same site, the GoldBod intends to build Ghana’s first wholly state-owned, international-standard gold refinery, a project designed to ensure that doré gold produced in Ghana will be refined into bullion before export. He said, “This will transition Ghana from the export of doré to bullion,” positioning the country as a true global player in refined gold trade.
Looking further ahead, Mr. Gyamfi announced an ambitious initiative to develop a “Gold Village” in Ghana, envisioned as a continental hub for jewellery and ornament production.
This initiative aims to move beyond refining to downstream beneficiation, transforming Ghana into a centre for value-added gold products such as jewellery, coins, and other forms of casting.
However, he stressed that such ambitions would require the active involvement of the financial sector.
“This dream will elude us without the critical partnership of financial institutions for value-adding investments, particularly in refining, minting and the fabrication of minerals into jewellery, coins, tablets, and other forms of castings for domestic consumption and exports.” Mr. Sammy Gyamfi said.
Youth Empowerment through Mining Transformation
The GoldBod CEO also tied his remarks to the urgent need for job creation and youth empowerment.
Citing projections that Africa will be home to over 375 million young people aged 15 to 35 by 2030, Mr. Gyamfi warned that unemployment posed a grave threat to the continent’s stability and development.
“Unemployment rates are alarming, not because our youth lack talent and the desire to work, but because our systems lack vision.” Mr. Sammy Gyamfi mentioned.
For him, the mining sector must evolve beyond raw extraction to innovative, technology-enabled models that empower young people as “innovators, financiers, and owners” rather than mere labourers.
“We cannot solve today’s crisis with yesterday’s tools. The minerals and mining sector must do more than the traditional extraction we are accustomed to.
“We must shift from raw exports to in-continent beneficiation; move from rent-seeking middlemen to decentralized, tech-enabled trade models, and change from youth as labourers to youth as innovators, financiers, and owners.”
The unveiling of projects such as the state-owned refinery, the ISO-certified assay laboratory, and the planned Gold Village signals a new chapter in Ghana’s resource governance—one that emphasizes innovation, transparency, and national value retention.
As the convention concluded, participants agreed that the real test lies in execution. For many, the reforms outlined by the GoldBod CEO represent a once-in-a-generation opportunity to transform Ghana’s gold sector from one of extraction and export to a model of beneficiation, industrialization, and shared prosperity.
Additional Sources: Vaultz News
