Ghana opens first gold refinery to boost earnings from metal
TLDR
- Ghana's first commercial gold refinery, Royal Ghana Gold Refinery, opens in Accra to boost the country's gold production value.
- The refinery, a joint venture between Rosy Royal Minerals of India and Ghana's central bank, aims to process 400 kilograms of gold daily and create job opportunities.
- This significant step will help formalize gold production, shifting from exporting raw gold to processing it locally, benefiting both small-scale and large-scale miners.
Ghana opened its first commercial gold refinery in Accra on Thursday, marking a significant step in the country’s efforts to add value to its gold production and increase earnings from the precious metal, which has been mined for centuries.
The Royal Ghana Gold Refinery, with a capacity to process 400 kilograms of gold per day, will initially source gold dore from small-scale and artisanal miners, with plans to acquire licenses for processing gold from large-scale miners.
Currently, Ghana's licensed gold producers export raw gold, while a substantial portion of output from unregulated artisanal miners, known locally as galamsey, is smuggled out of the country. The refinery is a joint venture between Rosy Royal Minerals of India and Ghana's central bank, which holds a 20% stake. The facility is expected to employ 80-120 people directly and create 500 indirect jobs.
Points clés à retenir
Ghana maintained its position as Africa's largest gold producer last year, with increased output from small-scale and artisanal miners pushing production to 4.03 million ounces. The West African nation, also the world's second-largest cocoa producer, is on track to exceed its 2024 gold output target, with production expected to reach between 4.3 million and 4.5 million ounces. In 2021, the Bank of Ghana launched a gold purchase program to build reserves through domestic acquisitions and support the cedi currency. Bank of Ghana Governor Ernest Addison says the program has accumulated 65.4 tonnes of gold, valued at around $5 billion. The central bank is now focused on ensuring that the newly opened Royal Ghana Gold Refinery quickly obtains certification from the London Bullion Market Association (LBMA), enhancing its credibility on the global market.
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