The Gold Board CEO, Sammy Gyamfi, says government has already begun executing a bold plan to end the export of raw minerals, with a clear directive from the president to transform the sector by 2030.
Speaking on Joy News’ PM Express Business Edition recently, he said the shift from raw exports to refined gold is already underway.
“We are going to be decreasing the quantity of raw gold that we export, and will rather be increasing the quantity of refined gold. The process has already started. This is not a promise, it is not something we are going to do, it is something we are doing,” he said.
He explained that the initiative is being driven initially through the small-scale sector, with the broader vision anchored by the President.
“Yes, which is the small-scale gold. We are leading by example, but you see, the president’s vision is to ensure that by 2030 no mineral will leave Ghana in this raw state, and he has announced that boldly,” Sammy Gyamfi stated.
Addressing concerns about capacity, he insisted the transformation hinges on leadership and execution.
“Yes, it’s all about leadership. You see, leadership is the cause; everything else is the effect. The president has made that bold declaration. He has put in place the right systems, the right people to get it done, and we are not going to let him down,” he said.
Mr Gyamfi revealed that efforts are underway to significantly expand Ghana’s refining capacity through strategic partnerships.
“So aside, what we are doing with Gold Coast refinery, we are in the process of signing an MOU with the third biggest refinery in the whole of the world, SAM refinery, I’m sure you’ve seen pictures of me at SAM refinery already, and they are interested in coming into Ghana,” he disclosed.
He said plans are advanced for a major refinery project in Accra.
“We are securing three acres of land within the Accra International Airport precinct, where we are going to build a 600-ton capacity refinery,” he said.
According to him, the facility will ensure Ghana can fully process its small-scale gold output locally.
“And this refinery is going to ensure that at least all the small-scale goods we are able to buy 100 tons, 120 tons, we can refine all of them locally. So we are enhancing that local refining capacity within the shortest possible time,” he added.
He stressed that the project is imminent.
“And this project is not a long-term project. It’s not a medium-term project. It is a short-term project… And we hope to start this year and to finish by next year,” he said.
Beyond refining, Sammy Gyamfi said the next phase is to deepen value addition through manufacturing.
“But you see, when it comes to value addition, it’s not just about refining your gold… But we need to move from local refining to the next stage, which is fabrication,” he noted.
He pointed to efforts to revive local jewellery production under the Gold Board.
“When we came into office, our subsidiary PMMC jewellery was in a very bad state, but in the short time that we’ve been here, we’ve injected over GH¢50 million into that company, rebranded it, transformed it into Gold Board Jewellery, and it is doing wonders all over the place,” he said.
Sammy Gyamfi added that government is pushing an ambitious retail vision.
“The President has told us… to build what is going to be known as the Golden Kilometre Project… where you’re only going to have jewellery shops and gold ornament shops, like a mini gold souk as you have in Dubai,” he revealed.
He concluded that the value addition drive is already yielding results.
“…last year, I can tell you that the total revenue for that company was GH¢65 million… and this year, we are projecting almost GH¢140 million… under the leadership of the president, a lot is being done, in terms of value addition.”
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Source: www.myjoyonline.com