GOLD BOARD PRO SPEAKS ON GHANA’S MOVE TO REFINE GOLD LOCALLY

Kampala / Accra – Prince Kwame Minka, Public Relations Officer of the Gold Board, has announced a major step toward strengthening Ghana’s gold industry through local refining. Speaking in an interview with Nana Nhyiraba Kwabena Asirifi on ICAD TV’s morning show Ghana Nti, Prince Minka explained that since Ghana gained independence, a significant portion of the country’s gold has been exported abroad for refining. While Ghana benefits from gold exports, he noted that refining the gold outside the country limits the full economic value Ghana could receive. According to him, under the leadership of Sammy Gyamfi, efforts have been made to ensure that gold refining takes place locally to maximize national benefits. He disclosed that as of last week, Ghana has officially begun refining gold domestically in collaboration with Gold Coast Refinery. Prince Minka revealed that the target is to refine one tonne of gold each week. He emphasized that refining gold within the country will help Ghana retain refinery expenses locally, increase transparency in measuring gold quantities, and boost overall national revenue. He further noted that local refining could lead to reduced prices for gold products such as watches, chains, and earrings. Additionally, he highlighted the importance of aligning with international standards such as those of the London Bullion Market Association (LBMA), which enhances credibility and strengthens Ghana’s participation in the global gold market. Prince Minka described the initiative as a historic step, stating that Ghana, the first African country to gain independence, is now advancing its economic independence by refining its own gold. The move is expected to contribute to economic growth, improve value retention, and increase profits within Ghana’s gold sector.