Ghana must take deliberate steps to establish itself as Africa’s premier gold trading hub to fully harness the economic benefits of its gold resources, according to Dr William Anarfi Sarpong, a key proponent of the Gold Souq project.
Dr Sarpong, who is leading the initiative, believes Ghana’s current gold trade structure favours raw exports over value addition, limiting the country’s potential earnings. He argues that creating a structured gold marketplace, much like Dubai’s Deira Gold Souq, could boost revenue, create jobs, and elevate Ghana’s status in the global gold industry.
“For centuries, Ghana has been known as the Gold Coast, yet we have not maximised the full potential of this resource. We must transition from just mining and exporting gold to refining, designing, and trading it at a global scale. That is what the Gold Souq seeks to achieve,” he stated.
The Gold Souq project, expected to generate between $2 billion and $10 billion annually, will provide a structured marketplace for gold trade, bringing together artisans, jewellers, investors, and tourists. The initiative will integrate gold refining, jewellery design, and trading facilities, creating a competitive industry that attracts both local and international buyers.
According to Dr Sarpong, Ghana’s gold sector has long been dominated by raw exports, illegal mining activities, and middlemen, leaving little value within the country. He believes the Gold Souq will change the narrative by ensuring that Ghana benefits from the entire gold value chain.
“If we can refine and process more of our gold locally, we can increase our revenue exponentially. Right now, a lot of our gold ends up in the international market through intermediaries, and we lose billions of dollars in the process,” he noted.
Beyond the economic benefits, Dr Sarpong emphasised the potential impact on tourism and culture. He envisions the Gold Souq as a global attraction, drawing visitors who want to experience Ghana’s rich gold heritage, learn about traditional goldsmithing techniques, and purchase authentic Ghanaian jewellery.
“Imagine a world-class gold marketplace where tourists can see gold being refined, buy handcrafted jewellery, and learn about our centuries-old gold craftsmanship. This will not only generate foreign exchange but also revive our cultural industries,” he explained.
He further stressed the importance of positioning Ghana as the go-to destination for luxury gold shopping, much like Dubai and India.
“People travel to Dubai to buy gold. Why can’t they come to Ghana, the original Gold Coast? We have the resources, the history, and the talent to make this happen,” he added.
Dr Sarpong called on the government and private sector to support the initiative, emphasising that Ghana cannot afford to lose out on a multi-billion-dollar opportunity. He urged stakeholders in the gold industry, tourism, and creative arts sector to unite behind the vision and push for its realisation.