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Sammy Gyamfi Says Africa Must Refine Retain Mineral Wealth

GoldBod Chief Executive Officer Sammy Gyamfi has emphasized that Africa must rewrite its economic story by owning, refining, processing, fabricating and retaining more of its mineral resources. He said the continent cannot continue to export raw minerals while importing finished products at higher costs.

Speaking on Thursday, 22nd October, 2026, Gyamfi argued that true economic transformation will only come when African countries build local value chains around gold and other strategic minerals. According to him, ownership must go beyond extraction to include refining, jewellery fabrication, and industrial use that keeps jobs and revenue on the continent.

Gyamfi cited Ghana’s recent reforms through the Ghana Gold Board as a model for the continent. He noted that GoldBod has moved from exporting raw doré to refining 80 to 90 percent of gold locally, retaining refining fees, creating jobs and boosting foreign exchange. In 2025 alone, Ghana exported over $20 billion worth of gold, accounting for more than 63 percent of total merchandise exports.

He stressed that Africa’s mineral wealth must fund African development, not foreign refineries. For Ghana, he said GoldBod’s next steps include establishing a Gold Village through GoldBod Jewellery Limited, rolling out gold tokenisation for fractional citizen ownership in 2027, and building an ISO-certified National Assay Laboratory at Aviance Cargo Village. These interventions, he said, will ensure minerals are not just mined but owned and transformed locally.

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The GoldBod CEO warned that without deliberate policies to support indigenous ownership, protect the environment and expand local capital, Africa will remain at the bottom of the global value chain. He called for a new mining compact that involves communities, enforces reclamation, formalizes artisanal mining and builds refining and fabrication capacity across the continent.

Gyamfi’s message aligns with Ghana’s target of zero raw mineral exports by 2030 and LBMA accreditation for at least one local refinery. For Africa, he said, the choice is clear: own, refine, process, fabricate and retain — or continue to export wealth and import poverty.

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Author: Stella Sunu • Published on Howedey.com

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