Stop Exporting Raw Resources — BoG Governor Makes Case for Local Processing of Gold, Cocoa, and Oil

Bank of Ghana Governor Dr. Johnson Asiama has called for a major shift in Ghana’s economic model, urging the country to stop exporting raw commodities and instead focus on processing its natural resources locally to retain more value within the economy.

Speaking at the signing ceremony of a second gold refining partnership between the Ghana Gold Board and Royal Ghana Gold Limited, Dr. Asiama said Ghana’s long standing reliance on raw exports is no longer sustainable if the country wants to achieve stronger economic transformation.

He stressed that Ghana should prioritize domestic processing not only for gold, but also for cocoa and oil, noting that doing so could significantly improve the country’s economic outlook.

“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.

Dr. Asiama explained that local value addition would bring multiple benefits, including increased government revenue, job creation, and stronger oversight of the entire production and export chain. He added that these gains are too important for Ghana to continue losing.

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

The Governor also indicated that the central bank is ready to support initiatives that promote domestic processing, particularly in the gold sector, where new refining partnerships are already being developed under the Ghana Gold Board framework.

“In whatever way we can support, as a central bank, we will support,” he stated.

His remarks come amid renewed national debate about industrialization and value addition. Ghana has traditionally exported most of its gold, cocoa, and crude oil in raw form, a practice economists say limits the country’s ability to fully benefit from its natural resource base.

The Ghana Gold Board has recently been leading efforts to expand local refining capacity, including new partnerships aimed at strengthening domestic control over key stages of the gold value chain.

Dr. Asiama’s comments add further momentum to this agenda, reinforcing the view that local processing is not only an industrial goal but also a strategic tool for improving Ghana’s external finances and long term economic resilience.