BoG Governor Calls for Stronger Local Processing of Gold, Cocoa to Boost Economy

Bank of Ghana Governor Dr. Johnson Asiama is urging Ghana to ramp up local processing of its natural resources, saying the country has waited too long to add value to major exports like gold, cocoa, and oil.

He believes processing these commodities domestically could sharply improve Ghana’s balance of payments while increasing government revenue, creating jobs, and strengthening oversight of the entire value chain.

Dr. Asiama made the comments during the signing of a second gold refining deal between the Ghana Gold Board and Royal Ghana Gold Limited.

“For us, processing our national resources is a strategy that is long overdue. Not just gold, but also cocoa, and of course, oil. If we can process these three, our balance of payments will experience a drastic turnover,” he said.

The Governor emphasized that the central bank fully supports government efforts to expand local refining and processing, especially in the gold sector, noting that the economic gains are too substantial to overlook.

“The advantages are clear. Jobs, greater revenues for government, much more oversight on the entire processing value chain,” he added.

Dr. Asiama assured industry players that the Bank of Ghana is ready to back initiatives that deepen value addition and grow the country’s export earnings.

“And so therefore, in whatever way we can support, as a central bank, we will support,” he stated.

The new agreement is part of wider government plans to boost local gold refining capacity and keep more value from Ghana’s minerals before they are exported.