Ghana refined 29% of small-scale gold exports at home by 20 October, against a 70% goal

Ghana's two partner refineries had processed 25 tonnes of the 85.4 tonnes of small-scale gold the Ghana Gold Board (GoldBod) exported in 2026 up to 20 October, the board says.

That is 29.3%. GoldBod calls it "approximately 30 per cent". The 2027 Budget, read on 12 November, promises that "at least 70 percent of artisanal and small-scale gold will be refined locally by December 2027", and 100% by December 2028, when raw ASM gold exports are to be banned (paragraphs 393–394).

The target sits under a GHS 17.54 billion (US$1.5 billion at the Bank of Ghana's 13 November mid-rate of 11.69) "Critical Minerals Value Addition" pillar, a policy proposal, not law. No later official refining figure has been published since the 20 October release.

The monthly picture is brighter, but it is only a partial month. In a news item dated 20 October, GoldBod's chief executive, Sammy Gyamfi, said the board bought 5.7 tonnes of ASM gold in October and refined 5.4 tonnes locally, which GoldBod puts at 94.6%. The arithmetic on those rounded tonnes is 94.7%.

Because the figures were given on 20 October, they cover the first 20 days of the month, not a full October. The jump follows a GoldBod directive, dated 24 August, that from 1 September no self-financing aggregator may export unrefined doré.

The refiners are Gold Coast Refinery and Royal Ghana Gold Refinery. GoldBod also says 30% of large-scale mine output bought under the Ghana Accelerated National Reserve Accumulation Programme is refined locally.

Capacity is not obviously the constraint. Gold Coast Refinery states an installed capacity of 180 tonnes a year of chemical refining; Royal Ghana Gold Refinery was reported at commissioning in 2024 as able to refine 400 kilogrammes a day, about 120 tonnes a year.

Those company and press figures add up to roughly 300 tonnes a year, against the 88 tonnes of ASM gold GoldBod has exported since January (Budget paragraph 965), a total StatsGH has already examined. Al Jazeera, on 4 September, cited Gold Coast Refinery at up to two tonnes a week, far below the company's 180-tonne annual claim.

The catch is the yardstick. The Budget does not say whether 70% means a single month, a calendar year or all gold exported, nor whether "by December 2027" is a run-rate to be hit by that date or a share of a full year's volume. On the partial-October flow, the target is already beaten by 24.6 points.

On the year-to-date stock to 20 October, Ghana is 40.7 points short: 70% of the 85.4 tonnes exported by then would be 59.8 tonnes, about 2.4 times the 25 tonnes refined so far. The other 60.4 tonnes left Ghana unrefined.

At GoldBod's own 20 October valuation of US$11.6 billion for the 85.4 tonnes, that is about GHS 95.9 billion (US$8.2 billion at the same mid-rate), illustrative arithmetic only. The Budget later put exports since January at 88 tonnes, worth US$12 billion, without stating the end date; 70% of that stock would be 61.6 tonnes, but GoldBod has published no refined total after 20 October.

GoldBod's own numbers also need care. It says 18.7 tonnes refined since 1 August equals 76% of "25 tonnes processed over the period", and also that 25 tonnes have been refined in 2026 to 20 October.

The arithmetic on 18.7 of 25 is 74.8%. The two 25-tonne figures may not be the same quantity.

Verdict: on the partial-October flow, the 70% target looks within reach; on the 2026 year-to-date stock to 20 October, Ghana has a long way to go. The Budget should say which it means.

Share of ASM gold refined in Ghana, percent

The 1–20 October bar is a partial month, as the figures were given on 20 October. The 70% and 100% bars are Budget targets; the Budget does not define the 70% yardstick.

Jan–20 Oct 2026 (exports)25t of 85.4t29.3%

1–20 Oct 2026 (purchases)5.4t of 5.7t (partial month)94.6%

Budget target, Dec 202770%

Budget target, Dec 2028100%

0255070100

Source: Ghana Gold Board news item, 20 October 2026; Ministry of Finance, 2027 Budget Statement paras 393–394. StatsGH calculations. The 29.3% is 25 ÷ 85.4 tonnes; GoldBod states 94.6% for the partial-October share (the arithmetic on the rounded tonnes is 94.7%).

Ghana refined 29% of small-scale gold exports at home by 20 October, against a 70% goal

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