Governor of the Bank of Ghana, Dr. Johnson Asiama, has called for aggressive local processing of Ghana’s natural resources, stressing that the country has waited too long to add value to key exports such as gold, cocoa and oil.
He revealed that, processing these commodities locally could significantly improve Ghana’s balance of payments, while increasing government revenue, creating jobs and strengthening oversight across the production value chain.
Dr. Asiama made the remarks during the signing ceremony of the second gold refining partnership 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 stated.
The BoG Governor noted that the central bank fully supports government’s efforts to expand local refining and processing, particularly in the gold sector, saying the economic benefits are too important to overlook.
“The advantages are clear, jobs, greater revenues for government, and much more oversight across the entire processing value chain,” he said.
Dr. Asiama further assured industry players of the Bank of Ghana’s continued support for initiatives aimed at deepening value addition and strengthening Ghana’s export earnings.
“And so therefore, in whatever way we can support, as a central bank, we will support,” he added.
The latest agreement forms part of broader government efforts to expand local gold refining capacity and retain more value from Ghana’s mineral resources before export.
