Ghana inaugurated its first commercial gold refinery in Accra on Thursday. This move aims to increase the nation’s earnings from gold, a resource mined for centuries in Africa’s leading gold producer.
The Royal Ghana Gold Refinery, with a daily capacity of 400 kilograms, will initially process gold dore from small and artisanal miners before expanding to licensed large-scale miners. This partnership includes Rosy Royal Minerals from India and Ghana’s central bank, which holds a 20% stake.
Vice President Mahamudu Bawumia highlighted that the new refinery signifies “a new era” for Ghana, helping to combat gold smuggling and boosting national income. He emphasized that local refining will enhance the economic value of gold and create numerous jobs.
Currently, Ghana exports raw gold from licensed producers and faces challenges with smuggling from unregulated miners. The new refinery is expected to provide 80-120 direct jobs and 500 indirect positions, contributing to economic growth.
Ghana remains Africa’s top gold producer, with output reaching 4.03 million ounces last year. The nation, also a major cocoa producer, anticipates surpassing its 2024 gold production target. The Bank of Ghana aims for LBMA certification to enhance foreign exchange reserves and reduce borrowing dependence.
