President John Dramani Mahama says Ghana is stepping up efforts to retain a greater share of the wealth generated from its gold resources by expanding local assaying, refining and related services through the Ghana Gold Board (GoldBod) and the country’s gold refining policy. Newscard
Speaking at the Mining in Motion Conference in Accra on Monday, October 19, 2026, the President said developing domestic capacity across the gold value chain would allow Ghana to capture more economic benefits from its mineral resources rather than relying heavily on the export of raw or minimally processed gold.
The initiative forms part of the government’s broader strategy to strengthen local participation in mining, create opportunities for Ghanaian businesses and support industrial development.
Assaying is the process of testing a mineral to establish its composition, purity and precious-metal content. In the gold industry, reliable assay results are important because they help determine the quality and value of gold during commercial transactions.
Refining, meanwhile, involves processing gold to remove impurities and produce a higher-purity product.
By strengthening these services locally, Ghana aims to retain more of the technical expertise, commercial activity and economic value associated with gold production.
GoldBod central to the government’s strategy
GoldBod is a key institution in the government’s efforts to formalise and regulate the gold trading sector, particularly activity involving artisanal and small-scale miners.
Its role includes oversight of gold purchasing, grading, assaying, valuation and export under the applicable legal framework.
The government’s strategy seeks to ensure that gold produced in Ghana passes through systems that improve accountability and allow the country to benefit more directly from its mineral wealth.
GoldBod has already introduced a requirement for self-financing aggregators to have gold doré refined in Ghana before export, effective September 1, 2026. Corrections Policy
The directive requires refining to take place at a refinery approved or designated by the Board, with export applications subject to the applicable assay, regulatory and payment requirements.
The policy is intended to expand the role of local refining facilities and ensure that a greater part of the gold value chain operates within Ghana.
Its effectiveness, however, will depend on compliance, adequate refining capacity and transparent supervision of the industry.
Building local capacity beyond extraction
For Ghana to maximise the benefits of its gold resources, industry experts and policymakers have long emphasised the importance of moving beyond extraction and exports towards more processing and value addition.
Local assaying and refining can create demand for skilled workers, laboratory technicians, engineers, logistics providers and other professionals.
They may also provide opportunities for Ghanaian companies to supply equipment, technical services and related products to the mining industry.
These benefits are not automatic. They depend on whether local facilities can meet international standards, operate competitively and attract enough business to remain financially sustainable.
Reliable testing is especially important because gold transactions depend on accurate measurements of purity and weight.
Strong domestic assay capabilities could improve confidence in valuations, help reduce disputes and support better oversight of transactions.
Refining can also allow Ghana to develop a stronger position in the gold supply chain.
Rather than concentrating primarily on the extraction and sale of gold, the country could expand its participation in processing and other services that contribute to the final commercial value of the metal. Editorial Standards
Gold earnings and economic resilience
Gold is an important source of export revenue and foreign exchange for Ghana.
Strengthening local participation in the sector could help increase the economic activity generated by the industry, although the ultimate effect on national earnings will depend on production levels, international prices, operating costs and how effectively the reforms are implemented.
The government’s approach also connects with wider efforts to improve the formalisation of small-scale mining and reduce losses associated with illegal trading and gold smuggling.
A more transparent supply chain can help regulators track transactions and improve compliance with the rules governing mineral exports. Editorial Ethics & Independence
However, retaining more value domestically requires more than changing export procedures. Ghana must also ensure that its refining facilities have reliable power, modern technology, skilled personnel and access to financing.
Investors will need predictable regulations and confidence that local processing can be conducted efficiently.
A broader push for mineral value addition
Mahama’s remarks on gold form part of a wider mineral policy agenda aimed at encouraging local processing of Ghana’s natural resources.
At the same conference, the President outlined a target of ending exports of raw mineral ores by 2030, with a phased approach covering resources such as bauxite, manganese, iron and lithium.
The plan is intended to encourage domestic processing and manufacturing, while creating jobs and strengthening the country’s industrial base.
The transition will require coordinated investment in energy, transport, technical training, finance and industrial infrastructure.
It will also require careful implementation to ensure that new requirements do not undermine production or discourage viable investment before local alternatives are ready.
Ultimately, the government’s objective is to make Ghana a more active participant in the value chains built around its mineral resources.
Expanding local assaying and refining could be an important step towards that goal, provided the policy is supported by credible regulation, competitive facilities and measurable economic outcomes. Privacy Policy & Terms
The challenge now is to translate the policy into lasting benefits for Ghanaian workers, businesses and communities.
Retaining more gold wealth in the country will depend not only on where gold is tested and refined, but also on whether the wider industry creates sustainable jobs, strengthens local expertise and delivers greater value to the national economy.