Ghana, Africa’s largest gold producer, has taken a significant step towards extracting greater value from its natural resources with the inauguration of its first gold refinery, the Royal Ghana Gold Refinery.
Gatekeepers News reports that the refinery, which will process 400 kilograms of gold daily, is expected to play a crucial role in reducing gold smuggling and promoting transparency in gold trading.
According to Bank of Ghana Governor Ernest Addison, “This 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.”
Finance Minister Mohammed Amin Adam lamented that despite being among the top 10 gold producers globally, Ghana has failed to add significant value to its gold resources.
“Our 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,” he said.
The refinery, owned by Rosy Royal Minerals Ltd. of India (80%) and the Bank of Ghana (20%), is part of a broader initiative to formalize Ghana’s artisanal and small-scale gold mining sector.
The central bank’s gold purchase program, aimed at enhancing foreign exchange reserves and countering a weakening currency, is also being emulated by other African nations.
