Finance Minister Dr. Cassiel Ato Forson announced during the 2027 Budget Statement that the government plans to achieve 100% local refining of artisanal and small-scale gold mining (ASM) by December 2028. This initiative is part of broader efforts to increase the economic value derived from Ghana’s gold reserves.
The government will prohibit the export of raw ASM gold, aiming to keep more value within the country. This policy shift is expected to reduce the loss of revenue that occurs when raw gold is exported for refining abroad. The move also seeks to support local industries and create jobs in the refining sector.
Ghana has long been a major producer of gold, with ASM contributing significantly to the sector. However, much of the value from raw gold is lost due to reliance on foreign refining. The new policy marks a strategic shift toward industrial development and economic self-sufficiency. The government has not yet released specific details on how the transition will be managed or which companies will be involved in the local refining process.
