Dr Johnson Asiama, Governor of the Bank of Ghana (BoG), has called for a stronger push toward local processing of Ghana’s natural resources, saying the country has waited too long to add value to major exports like gold, cocoa, and oil.

He explained that processing these resources domestically could significantly improve Ghana’s balance of payments, while also increasing government revenue, creating employment opportunities, and strengthening oversight across the entire value chain.

Dr Asiama made the comments during the signing ceremony of the second gold refining partnership between the Ghana Gold Board and Royal Ghana Gold Limited.

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“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.

He noted that the Bank of Ghana fully supports government efforts to expand local refining and processing, especially in the gold industry, stressing that the potential economic gains are too important to overlook.

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

Dr Asiama further assured stakeholders that the central bank will continue to back initiatives aimed at increasing value addition and boosting export earnings.

“And so therefore, in whatever way we can support, as a central bank, we will support,” he added.

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