Ghana, Africa’s leading gold producer, has opened a new commercial gold refinery in Accra, aiming to increase its gold revenue and combat smuggling, Reuters reports.
The Royal Ghana Gold Refinery, a joint venture between Rosy Royal Minerals of India and the Bank of Ghana, will initially refine gold from small-scale and artisanal miners, with plans to obtain licenses to process gold from larger producers as well.
The refinery, capable of processing 400 kilograms of gold daily, is expected to create 80-120 direct jobs and 500 indirect jobs.
“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,” said Vice President Mahamudu Bawumia at the opening ceremony.
Previously, Ghana’s gold from licensed producers was exported in its raw form, while a significant amount of gold from artisanal miners (known as “galamsey”) was smuggled out of the country.
The Bank of Ghana, which launched a gold purchase program in 2021 to build reserves and stabilize the cedi currency, sees the refinery as crucial for diversifying foreign exchange reserves and reducing reliance on external borrowing.
The move comes as Ghana targets exceeding its 2024 gold production goal, with output expected to reach between 4.3 and 4.5 million ounces.
