Gold Coast Refinery Begins Processing 1 Ton of Gold Weekly – ato Forson
Finance Minister of Ghana, Dr Cassiel Ato Forson inspected the Gold Coast Refinery, a facility that represents a major step in Ghana’s industrial and economic transformation. Photo credit MoF
Accra, Ghana — Ghana has begun refining one ton of gold every week locally at the Gold Coast Refinery, marking a major step toward ending the export of raw gold, Finance Minister Dr. Cassiel Ato Forson has announced.
Speaking to the press on behalf of the government, the Finance Minister confirmed that the refinery is now fully operational under the supervision of the Ghana Gold Board and in partnership with Rand Refinery.
He congratulated the Ghana Gold Board and the management of the Gold Coast Refinery for what he described as the successful implementation of a long-standing national vision. “This shows clearly that the vision of His Excellency the President has been implemented,” Mr. Forson said.
He recalled that the refinery was officially opened in 2016 by John Dramani Mahama, but the project stalled after that administration left office. “When President Mahama left office in 2016, the vision was never implemented. We returned to the office in 2025 and revived it,” he stated.
According to the Finance Minister, the refinery's revival followed the establishment of the Ghana Gold Board, announced during President Mahama’s first State of the Nation Address in January 2025. Parliament later passed the Ghana Gold Board Act in the first half of the year, and the Board began operations in April.
Since then, the Board has been buying gold from artisanal and small-scale miners for export and local refining.
Mr. Forson said the refinery currently has the capacity to refine up to two tons of gold per day, but will begin with one ton per week, with plans to scale up to two tons weekly in the near future. “Gold Board has agreed to supply the refinery with one ton of gold every week. This will be increased to two tons per week in no time,” he said. He added that the Ghana Gold Board now has the capacity to purchase an average of 2.5 tons of gold per week from local miners.
The Finance Minister described the initiative as “revolutionary” and said it has changed the landscape of Ghana’s gold industry by adding value locally instead of exporting raw minerals. “It is our policy to ensure that, in the shortest possible time, Ghana will no longer export raw gold outside the country,” he said.
Mr. Forson additionally emphasized the employment benefits of the refinery’s operations. He disclosed that the Gold Coast Refinery has already employed about 162 workers and will operate around the clock under the government’s 24-hour economy policy.
“They are adding value to our gold and will operate 24 hours at the airport in line with the 24-hour economy policy,” he explained.
The move is forecast to strengthen Ghana’s foreign-exchange earnings, improve oversight of gold exports, and reduce illegal gold trade.
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