Ghana has launched its first commercial gold refinery, the Royal Ghana Gold Refinery, in Accra as part of efforts to increase the nation’s earnings from its gold resources. The refinery, which has the capacity to process 400 kilograms of gold per day, will source gold from small-scale and artisanal miners and plans to acquire licenses to process gold from larger mining operations.
Thank you for reading this post, don't forget to subscribe!The refinery is a joint venture between Rosy Royal Minerals of India and Ghana’s central bank, which holds a 20% stake. At the opening ceremony, Vice President Mahamudu Bawumia heralded the refinery as marking “a new era” for Ghana, helping to curb gold smuggling and ensuring the country retains more economic value from its gold production.
“With the ability to refine our gold, we will be able to sell it at the appropriate price, enabling us to retain its economic value within our borders while creating numerous jobs for the youth,” Bawumia said.
The refinery will directly employ 80-120 people and create 500 indirect jobs. Ghana, Africa’s leading gold producer, is set to surpass its 2024 gold output target, with production expected to reach between 4.3 million and 4.5 million ounces. The Bank of Ghana is keen on the refinery obtaining London Bullion Market Association (LBMA) certification to enhance its gold reserves and reduce reliance on external borrowing.
