Ghana Opens West Africa’s Biggest Gold Refinery

Ghana on Thursday, August 8, 2024, marked a new chapter in its gold industry with the opening of a new gold refinery in Accra, the first of its kind in West Africa, to add more value from the country’s abundant resources.

Over the years, Ghana’s gold has been exported in raw form, denying the country, which is currently Africa’s largest gold producer, significant revenue. Known as the Royal Ghana Gold Limited, the refinery, which is the first large-scale gold refinery in the country, was established through a partnership between the Government of Ghana through the Bank of Ghana and Rosy Royal Minerals Limited.

Facilities
The state-of-the-art refinery is equipped with cutting-edge technology, able to refine gold to 24 carats, 99.99% purity – same quality as a gold delivery bar (LBMA standard). With the ability to locally refine gold, Ghana will be able to sell the refined gold at its appropriate price, enabling the country to retain its economic value within its borders, while creating numerous job opportunities for the youth.

Milestone
Vice President Dr Mahamudu Bawumia who commissioned the refinery, said the project marked a significant milestone in Ghana’s journey towards economic transformation and industrialisation. He added that, it was also a testament to the government’s commitment to adding value to the country’s natural resources, creating jobs, and ensuring sustainable economic growth.

Dr Bawumia, who is running for president on the ticket of the ruling NPP in the December elections, said the refinery will employ between 80-120 people directly and create 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,” he stated.