GoldBod CEO Sammy Gyamfi has told Parliament the board is set to surpass its GoldBod 2025 gold targets, driven by a major shift towards local refining.
Appearing before the Public Accounts Committee on Tuesday, October 13, Gyamfi said the institution is on track to exceed the $10.8 billion foreign exchange generation mark set for the year. He linked this success to a strategic change in how gold is handled before leaving the country.
Gyamfi revealed that about 80 to 90 percent of the gold purchased and exported is now refined locally.
"I'm happy to report to this honourable committee that, as we speak, about 80 to 90 per cent of the gold we purchase and export is refined here locally," he said.
This moves away from past practices where raw gold was shipped out. He said GoldBod remained on track to fulfil its statutory mandate of generating foreign exchange and supporting the accumulation of national reserves.
The board is improving value addition by ensuring that more gold produced in Ghana is refined locally before export.
Jobs and By Products
Gyamfi argued this shift keeps refining fees within the domestic economy and creates employment. He noted refineries are operating 24/7, employing Ghanaians. Silver by products are also being retained for local fabrication.
"That means jobs for the unemployed youth because these refineries are operating 24/7," Gyamfi explained. The retention of silver and other by products was helping to support domestic industrial activity.
GoldBod was established to regulate the sector and strengthen forex generation from small scale mining. The board wants to ensure greater economic benefits from the country's gold resources through these regulatory adjustments.
Gyamfi added that the institution is committed to regulating and promoting the gold trading sector. He stressed that purchase and export of gold from the small scale mining sector remains a priority.
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