For centuries, the gold-rich lands of West Africa have drawn explorers, merchants, and investors from around the world. During colonial times, the region was even named the Gold Coast, a testament to its vast mineral wealth. Today, Ghana remains Africa’s second-largest gold producer, playing a crucial role in the global gold market.

More than six decades after gaining independence, Ghana’s mining industry is embarking on a transformative journey that aims to establish the country as not only a top producer of gold but also a major hub for refining gold products. This shift is expected to shield Ghana from volatile commodity prices, foster the development of downstream industries, boost export revenues, and generate significantly more employment opportunities. While large-scale mining is capital-intensive and provides relatively few jobs, a robust refining sector has the potential to create a far broader economic impact.

The Push for Industrialization

President Nana Akufo-Addo has emphasized the importance of industrialization in Ghana’s economic future, stating, “There can be no future prosperity for our people—whether in the short, medium, or long term—if we continue to rely on the production and export of raw materials. We must add value to these resources, and we must industrialize.”

He further stressed that economies focused solely on raw material exports do not generate widespread prosperity. “Unless we industrialize with the goal of adding significant value to our primary products, we cannot create the necessary number of high-paying jobs to improve the living standards of our people. The path to economic transformation lies in value-added activities within a diversified and modern economy.”

Gold Coast Refinery: Leading the Charge

At the forefront of this transformation is Gold Coast Refinery (GCR), a $110 million facility that represents Ghana’s commitment to value addition in the gold sector. Launched in 2017, GCR is the largest refinery in West Africa and the second largest on the continent, with an annual capacity to refine 180 tons of gold to the highest international standards.

Dr. Said Deraz, Chairman of Gold Coast Refinery, believes the establishment of a modern gold refinery is a logical step for a country of Ghana’s stature in the global gold industry. “As the world’s 10th-largest gold producer, it makes perfect sense for Ghana to refine its own gold. Our primary objective is to enable the country to add value to this key natural resource,” he explains. “This initiative aligns with the government’s broader agenda of industrialization and economic diversification.”

GCR, a subsidiary of the Egypt-based Euroget Group, is strategically located near Kotoka International Airport in Accra. Once operating at full capacity, the refinery is expected to generate 300 direct jobs and 1,200 indirect jobs, contributing significantly to employment in Ghana’s mining and manufacturing sectors.

Raising Industry Standards and Supporting Responsible Mining

Beyond refining, GCR is committed to elevating industry standards by sourcing gold from both large-scale mines and responsible small-scale producers. This initiative aligns with the Ghanaian government’s recent crackdown on illegal small-scale mining—commonly known as galamsey—which has caused severe environmental damage. By serving as a reputable in-country buyer, GCR aims to professionalize the gold sector, ensuring that small-scale miners adhere to legal and ethical mining practices.

In the longer term, GCR has the potential to expand its operations beyond Ghana, processing gold from across West Africa, a region rich in mineral resources.

Investment and Expansion in Ghana’s Gold Sector

As GCR strengthens its refining processes and builds supply agreements, major multinational gold producers are ramping up their investments in Ghana.

• Newmont Mining Corporation is constructing a new underground mine at its Ahafo operations.
• Gold Fields is extending the lifespan of its Damang mine.
• AngloGold Ashanti has hinted at the potential redevelopment of its massive Obuasi mine, which could further boost gold production and feed into Ghana’s refining ambitions.

Dr. Deraz remains optimistic about Ghana’s future in the gold refining industry. “We are introducing state-of-the-art refining technologies, including chemical refining and electrolysis. Our team is excited to enhance their skills and embrace the innovations we are bringing to Ghana.”

A Broader Vision: Refining Beyond Gold

Ghana’s commitment to value addition extends beyond gold. The government is also laying the groundwork for refining bauxite into aluminum, recognizing the importance of maximizing the economic potential of its natural resources.

At a 2017 African roundtable on Sustainable Development Goals (SDGs), Vice President Mahamudu Bawumia emphasized the government’s vision for a bauxite refinery: “Our goal is to establish an aluminum refinery in Ghana, possibly by 2019. We already have a bauxite mine and an aluminum smelter. A refinery would complete the value chain and drive real economic transformation.”

With firm policies in place, Ghana is poised to move beyond simply extracting raw minerals. The country is now taking bold steps to refine its gold and other metals, securing a more prosperous and self-sustaining future.