Ghana has inaugurated a new gold refinery in Accra aimed at enhancing the revenue earned by the government and curbing illegal smuggling. Already the second largest gold producer in Africa, Ghana wants to surpass its 2024 gold production target, with output expected between 4.3 and 4.5 million ounces.
The Royal Ghana Gold Refinery, a joint venture between Rosy Royal Minerals of India and the Bank of Ghana, has a capacity of processing 400 kilograms daily and to create 80-120 direct jobs and 500 indirect jobs. While it will initially source gold ore from small-scale and artisanal miners, it plans to obtain licenses to process gold from large-scale producers. “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.
Significant amount of output from artisanal miners (known locally as “galamsey") has been smuggled outside the country..
The Bank of Ghana, which launched a gold purchase program in 2021 to build reserves and stabilize the currency, sees the refinery as crucial for diversifying foreign exchange reserves and reducing reliance on external borrowing, reported Sputnik Africa on Aug. 9.