The Bank of Ghana (BoG) is championing plans to expand domestic gold refining and value addition to strengthen the country’s position in the global bullion trade and capture more export revenue. 

First Deputy Governor Dr. Zakari Mumuni revealed this during his keynote address at the 2025 GHIB CONVERGE Conference in London, where he outlined the central bank’s strategy to boost Ghana’s gold sector.

Speaking under the theme ‘Rethinking Commodity Finance for Growth,’ Dr. Mumuni noted that while Ghana is Africa’s top gold producer and among the world’s top 10, most of its gold is exported raw, depriving the economy of significant value. 

“This is another avenue where financing, given the place of Ghana in the mine of gold, can support the establishment of refineries and other value chain infrastructure,” he said.

The BoG’s push aligns with its recent gold-backed policies, including the Domestic Gold Purchase Programme (DGPP) and the Gold-for-Oil (G4O) scheme. Since 2021, the DGPP has helped increase Ghana’s gold reserves from 8.7 tonnes to 33 tonnes, surpassing its five-year target ahead of schedule.

Dr. Mumuni emphasised that refining gold locally would enhance export earnings, support reserve accumulation, and improve supply chain transparency. Analysts say this could position Ghana as a refining hub for West Africa, though success depends on regulatory consistency and environmental safeguards.

The CONVERGE Conference, organised by Ghana International Bank (GHIB), brought together finance and trade experts to explore Africa’s shift from raw commodity exports to value-added processing.