By Franklin ASARE-DONKOH
The outgoing Swiss Ambassador to Ghana, Her Excellency Simone Giger, has highlighted the strong economic ties between Ghana and Switzerland, noting that most of the gold produced by Ghana’s large-scale mining companies is refined in Switzerland.
Speaking in an interview in Accra on Thursday, July 9, 2026, Ambassador Giger reflected on Switzerland’s position as a leading destination for Ghanaian gold.
According to her, Ghana’s trade relationship with Switzerland remains heavily dependent on gold exports, underscoring the need for the country to diversify the range of products it exports.
She therefore urged managers of Ghana’s economy to move beyond gold and cocoa exports, arguing that, as a middle-income country, Ghana should focus on exporting more value-added products.
The outgoing ambassador noted that multinational mining companies operating in Ghana continue to rely on world-class Swiss refineries, such as Valcambi, to process industrial bullion before it enters the global market.
Her remarks come at a time when Ghana is implementing major reforms in its mining sector aimed at retaining more value from its mineral resources.
Effective July 1, 2026, the government directed large-scale mining companies to sell 30 per cent of their total gold output to the state-owned Ghana Gold Board (GoldBod).
According to the government, the retained gold will supply domestic processing facilities, including the Royal Ghana Gold Refinery and planned large-scale national refinery projects, as the country pursues accreditation from the London Bullion Market Association (LBMA).
For decades, Ghana exported up to 99 per cent of its gold in raw form. The government’s drive to expand local processing is expected to reduce the loss of value-added revenue, create jobs and strengthen the country’s mining industry.
While acknowledging Switzerland’s dominant role in refining Ghanaian gold, Ambassador Giger commended Ghana’s recent macroeconomic recovery following the severe economic crisis of 2022.
However, she stressed that long-term economic sustainability would depend on moving beyond the export of raw materials and successfully implementing structural reforms.
“What Ghana needs in the medium term are structural reforms,” Giger said during an appearance on the Citi Breakfast Show. “I want to see the business environment improve beyond the macroeconomic figures. There is still a lot that needs to be done.”
Beyond large-scale commercial trade, Ambassador Giger reaffirmed Switzerland’s commitment to supporting Ghana’s efforts to combat illegal small-scale mining, commonly known as galamsey.
Describing the practice as an “evil” that continues to damage the environment, she called for a collective commitment to sustainable, fully traceable and responsible mining practices that benefit local communities while strengthening international trade partnerships.