Sammy Gyamfi says Ghana’s long-talked-about transition from exporting raw gold to refined bullion is no longer a plan but a process already in motion.

Speaking on Joy News' PM Express Business Edition recently, the Gold Board CEO insisted the country has begun reducing raw exports while scaling up refining.

“We are going to be decreasing the quantity of raw gold that we export, and will rather be increasing the quantity of refined gold. The process has already started. This is not a promise, it is not something we are going to do, it is something we are doing,” he said.

Sammy Gyamfi clarified that the current focus is on small-scale gold, where the Gold Board is leading.

“Yes, which is the small-scale gold. We are leading by example, but you see, the president’s vision is to ensure that by 2030 no mineral will leave Ghana in this raw state, and he has announced that boldly,” he noted.

He dismissed concerns about capacity, pointing instead to leadership and policy direction under President John Mahama.

“Yes, it’s all about leadership. You see, leadership is the cause; everything else is the effect. The president has made that bold declaration. He has put in place the right systems, the right people to get it done, and we are not going to let him down,” he said.

Mr Gyamfi revealed that beyond existing arrangements with Gold Coast Refinery, government is moving to partner a major global player.

“So aside, what we are doing with Gold Coast refinery, we are in the process of signing an MOU with the third biggest refinery in the whole of the world, SAM refinery, I’m sure you’ve seen pictures of me at SAM refinery already, and they are interested in coming into Ghana,” he disclosed.

He said plans are underway to build a large-scale refinery in Accra to boost local capacity.

“We are securing three acres of land within the Accra International Airport precinct, where we are going to build a 600-ton capacity refinery,” he said.

According to him, the project will ensure Ghana can fully process its small-scale gold output locally.

“And this refinery is going to ensure that at least all the small-scale goods we are able to buy 100 tons, 120 tons, we can refine all of them locally,” he added.

Sammy Gyamfi stressed that the timeline is aggressive.

“And this project is not a long-term project. It’s not a medium-term project. It is a short-term project… we hope to start this year and to finish by next year,” he said.

He added that the facility will go beyond domestic needs.

“Then we will even have additional capacity to absorb the large-scale gold. And we will even have additional capacity to absorb gold from the sub-region, from the continent and from other parts of the country,” he noted.

But he argued that refining alone is not enough, pointing to a broader value chain strategy.

“But you see, when it comes to value addition, it’s not just about refining your gold… we need to move from local refining to the next stage, which is fabrication,” he said.

He said efforts are already underway to expand jewellery production through the Gold Board’s subsidiary.

“When we came into office, our subsidiary PMMC jewellery was in a very bad state, but in the short time that we’ve been here, we’ve injected over GH¢50 million into that company, rebranded it, transformed it into Gold Board jewellery, and it is doing wonders all over the place,” he stated.

Mr Gyamfi revealed ambitious plans to scale the industry nationwide and create a dedicated gold retail hub in Accra.

“The President has told us to do that. He’s also told us to build what is going to be known as the Golden Kilometre Project… like a mini gold souk like you have in Dubai,” he said.

He added that the numbers already show growth.

“Actually, last year, I can tell you that the total revenue for that company was GH¢65 million… and this year, we are projecting almost GH¢140 million,” he said.

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Shift from raw gold to bullion begins in Ghana

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