Data and policy analyst Alfred Appiah has urged Ghana to move beyond gold refining into jewellery production, arguing that finished products offer greater opportunities to create jobs, develop skills and retain more of the country’s mineral wealth.
He said the growing volume of gold processed domestically was encouraging, but Ghana needed to build businesses capable of turning refined metal into rings, chains and other products for local and international buyers.
“The bigger opportunity is moving beyond refining to making finished products such as jewellery,” Appiah said in his commentary on Ghana’s gold industry.
He identified the domestic market, the diaspora and overseas consumers as potential customers for Ghanaian jewellery, including pieces inspired by kente and other cultural designs.
Jewellery offers the next opportunity
Appiah pointed to the proposed Gold Village in Accra, planned for 2027, as a potential platform for developing that industry.
He said the initiative could give young Ghanaians opportunities to design and manufacture jewellery while connecting their products to buyers.
The project remains a proposal. Its employment and commercial benefits would depend on implementation and the ability of participating businesses to develop products that attract sustained demand.
For Appiah, the objective should be to build an industry around Ghana’s gold rather than end the value addition effort at the refinery.
He argued that converting the metal into finished products could support more economic activity within Ghana than exporting it as doré.
Refining gains provide a starting point
His call comes as GoldBod reports increased domestic refining.
At the Mining in Motion summit on October 20, Chief Executive Officer Sammy Gyamfi said local refineries had processed 25 tonnes of the 85.4 tonnes exported during the year to that point, representing about 29.3 per cent.
The summit’s account also reported that 5.4 tonnes of the 5.7 tonnes exported during October up to the announcement had been refined locally.
Gold Coast Refinery and Royal Gold Ghana were identified as the facilities supporting the processing drive.
The improvement follows a GoldBod directive, effective September 1, requiring self-financing aggregators to refine gold doré domestically before export under arrangements with approved offtakers.
Refining revenue has limits
Appiah cautioned against confusing the value of gold passing through a refinery with the income generated from processing it.
Using an estimated refining charge of 0.3 per cent and a gold valuation of US$3.6 billion, he calculated potential fees of about US$10.8 million.
That figure represents estimated gross service revenue, rather than profit or the value of the metal.
“But let’s be clear: gold refining is a low-margin business, and it’s only the beginning,” he said.
His calculation underpins his argument for investment in activities beyond refining, particularly the design, manufacture and sale of jewellery.
Traceability remains essential
Appiah also stressed that Ghana’s ambitions must be supported by stronger action against illegal mining and credible systems for tracing gold to legitimate sources.
The country is seeking accreditation for domestic refineries under the London Bullion Market Association’s Good Delivery system.
Applicants must meet technical and financial requirements, implement responsible sourcing guidance and obtain independent assurance of their practices.
Appiah said building confidence in the origin of Ghana’s gold would therefore be essential to expanding its acceptance in international markets.
He called for support for GoldBod alongside scrutiny of its operations, with attention to whether progress in local processing translates into jobs, stronger skills and Ghanaian businesses selling finished gold products.
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