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Ghana, Africa’s leading gold producer, has launched its first gold refinery to capture more value from its abundant natural resources. This initiative helps the country to capture more value from its abundant natural resources and set to process 400 kilograms of gold daily
Ghana, Africa’s leading gold producer, has launched its first gold refinery to capture more value from its abundant natural resources. This initiative helps the country to capture more value from its abundant natural resources and set to process 400 kilograms of gold daily, primarily sourcing raw materials from artisanal and small-scale mines. Artisanal and small-scale mines, which contribute one-third of Ghana’s annual output of about 4 million ounces.
The Royal Ghana Gold Refinery is 80% owned by Rosy Royal Minerals Ltd. of India, with the remaining 20% owned by the Bank of Ghana. The plant aligns with a broader continent-wide initiative to add value to natural resources before exporting them, aiming to secure greater economic benefits for African countries. 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.
The Royal Ghana Gold Refinery will play an important role in reducing gold smuggling which has been a major challenge for the country over the years by providing a ready market for artisanal and small-scale miners, stated the Bank of Ghana Governor Ernest Addison, The refinery is part of broader efforts to formalize Ghana’s artisanal and small-scale gold mining sector.
The central bank has been purchasing gold from small miners to bolster its foreign exchange reserves and address a weakening currency—a strategy followed by most African countries. Ghana’s failure to successfully ensure value addition across the entire resource chain has meant that we have been unable to properly harness the benefits of being among the top 10 gold producers in the world, stated Ghanaian Finance Minister Mohammed Amin Adam.
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https://trendsnafrica.com/ghana-contemplating-gold-for-oil-scheme/
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.
