GHANA · GOLD · MINING
Ghana’s government says at least 70% of the gold dug by small-scale miners will be refined inside the country by December 2027. It also says all exports of raw small-scale gold will be banned from December 2028.
Finance Minister Cassiel Ato Forson set both dates in the 2027 Budget Statement he presented to Parliament on Thursday 12 November 2026. For overseas buyers of Ghanaian gold, the plan would mean that small-scale gold is sold only after refining in Ghana.
Key Facts
- Who Finance Minister Cassiel Ato Forson, in Ghana’s 2027 Budget Statement to Parliament.
- What At least 70% of small-scale gold to be refined in Ghana by December 2027.
- Next Raw small-scale gold exports banned from December 2028, when local refining is to reach 100%.
- Money US$1.5 billion planned for minerals processing: manganese, bauxite, lithium and gold.
What the Budget Says
Paragraph 393 of the 2027 Budget Statement says at least 70% of artisanal and small-scale gold will be refined locally by December 2027. Paragraph 394 says local refining will reach 100% by December 2028, when all exports of raw small-scale gold will be prohibited.
Artisanal and small-scale gold is metal dug by small miners rather than large mining companies. The Ministry of Finance puts US$1.5 billion behind an industrial minerals economy built on manganese, bauxite (the ore of aluminium), lithium and gold.
Forson said success will be judged on value retained in Ghana, export earnings per tonne, skilled jobs, Ghanaian suppliers, technology transferred and environmental performance. For manganese and bauxite the target is at least 50% processed locally by the end of 2028, then all of it by the end of 2030 with raw exports prohibited.
The statement also promises a 24-hour critical-minerals processing enclave in the Western Region, a dedicated zone for plants. A railway from the port of Takoradi to Nyinahin, in the Ashanti Region, starting in 2027, is meant to carry manganese and bauxite to it.
Why It Matters for Gold Buyers
Refining is the step that turns mined gold into pure bullion bars, and the budget says the Ghana Gold Board (GoldBod), a state body that handles small-scale gold, has exported 88 tonnes valued at US$12 billion since January 2026. Large-scale miners exported 80.64 tonnes worth US$10.23 billion in the same period, according to the Ministry of Finance.
Small-scale gold exports therefore slightly exceed large-scale exports in tonnes. The ban from December 2028 would end exports of the raw product.
The budget also plans a 3% discount on small-scale gold purchases in 2027, to be agreed with industry. The Ministry of Finance of Ghana says the aim is to cut what it calls the baseline cost of generating foreign exchange and accumulating reserves from 5% in 2026 to 2%.
What to Watch Next
Two dated checkpoints follow from the statement: December 2027 for the 70% share and December 2028 for the full ban on raw small-scale gold exports. The 3% purchase discount is the first measure to watch, because it is due in 2027 and depends on talks with miners and buyers.
Forson urged the Ghana National Association of Small-Scale Miners, the trade body for small miners, and the Licensed Gold Buyers Associations, which speak for licensed buyers, to support the reforms. We found no published response from either body by the evening of 12 November.
What It Means for You
Anyone who buys, trades or manufactures with Ghanaian gold should expect more of it to arrive already refined, and exports of raw small-scale gold to stop after 2028. The targets cover small-scale gold only and name no large-scale producer.
Our earlier reports cover the record small-scale gold exports and the plan to formalise small miners. Our explainer on illegal gold mining sets out the sector’s problems, and the Ghana hub has the rest.
What Is Not Known
The budget does not say how much gold-refining capacity Ghana has today or how the 70% share will be measured. It also gives no penalties or enforcement route for the December 2028 export ban.
Frequently Asked Questions
What is Ghana’s new gold refining target?
At least 70% of artisanal and small-scale gold is to be refined in Ghana by December 2027, according to the 2027 Budget Statement. The target rises to 100% by December 2028.
When will raw small-scale gold exports be banned?
The budget says all exports of raw small-scale gold will be prohibited in December 2028, once local refining reaches 100%. It gives the month but no exact day.
What is GoldBod?
GoldBod is the Ghana Gold Board, a state body that handles small-scale gold. The budget says it has exported 88 tonnes, valued at US$12 billion, since January 2026.
Do the targets cover large mines?
The budget names artisanal and small-scale gold only. It reports large-scale exports of 80.64 tonnes (US$10.23 billion) separately and sets no refining target for them in its minerals-processing passages.
Sources: Ministry of Finance of Ghana, The 2027 Budget Statement and Economic Policy, presented to Parliament on 12 November 2026, paragraphs 391 to 403, 965 and 968 to 971; Ministry of Finance of Ghana, budget statements page, read 12 November 2026.
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