Ghana Gold Board to Launch Local Refinery and Fire Assay Lab by October 2025
The Ghana Gold Board has announced that it will commence local gold refining and fire assay operations in October 2025, marking a major step toward adding value to the country’s mineral exports.
The announcement was made by Sammy Gyamfi, CEO of the Gold Board, at the Mining and Minerals Convention in Accra on Tuesday, September 9, 2025.
According to Gyamfi, the initiative aligns with President Mahama’s research and industrialisation agenda, with the Gold Board working closely with the Bank of Ghana and local partners, including Gold Coast Refinery.
A site has already been secured at the Cargo Village of Kotoka International Airport for the construction of an ISO-certified assay laboratory.
The facility will introduce fire assay testing, the globally recognized benchmark for gold purity, to replace current methods such as XRF and water density testing.
“Our aim is to shift Ghana’s assay regime to fire assay for all gold—small-scale and large-scale—produced in or exported from Ghana,” Gyamfi stated.
Refinery Project and Economic Impact
Plans are also underway to establish a state-owned international standard refinery to process gold locally and transition from exporting doré (semi-pure gold) to bullion.
The Gold Board emphasized that these projects will:
Help Ghana retain more value from its gold.
Strengthen its role as a continental bullion trade hub.
Support foreign reserves and safeguard earnings.
Gyamfi added:
“It is a national shame that as a continental leader in gold production, Ghana continues to export doré instead of bullion. The Gold Board is determined to change this as a matter of urgency.”
The Ghana Chamber of Mines has already expressed readiness to collaborate with the Board to refine gold from large-scale mining companies locally.
As of June 2025, Ghana’s gold reserves stood at 32.99 tonnes, up from 32.16 tonnes in May, reflecting efforts by the Bank of Ghana to build stronger foreign exchange buffers through gold-backed policies.
