Ghana Opens First Gold Refinery To Boost Revenue

Confidence UbaniAugust 8, 20241 Mins read403

Photo Credit: Royal Ghana Gold Refinery

Ghana, Africa’s leading gold producer, opened its first commercial gold refinery on Thursday. The Royal Ghana Gold Refinery, situated in Accra, can refine 400 kilograms of gold per day. It is a partnership between Rosy Royal Minerals of India, who hold 80 per cent stake, and the Bank of Ghana, with 20 per cent.

This refinery will source much of its gold from small-scale and artisanal mines and contribute significantly to Ghana’s annual production of about 4 million ounces. Bank of Ghana Governor Ernest Addison stated that the refinery will help curb the long-standing issue of gold smuggling by offering a stable market for these miners.

“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,” he said.

Finance Minister Mohammed Amin Adam noted that despite Ghana’s position as one of the world’s top gold producers, the country has not fully capitalized on its resources through value addition. Vice President Mahamudu Bawumia hailed the refinery’s launch as a new era that will increase national earnings from gold.

The refinery is expected to employ 80 to 120 people directly and create around 500 indirect jobs. It is part of initiatives like the Bank of Ghana’s gold purchase program, which was introduced to boost reserves and stabilize the cedi.

Last year, Ghana maintained its status as Africa’s top gold producer. Output was reportedly driven by increased production from small-scale miners. The country may be poised to exceed its 2024 gold production target with the opening of the Royal Ghana‍ Gold Refinery.

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