Ghana Inaugurates First Commercial Gold Refinery

Ghana, Africa’s leading gold producer, inaugurated its first commercial gold refinery in Accra, marking a significant step towards adding value to its gold production and increasing national revenue from the precious metal.

At an opening ceremony. Vice President Mahamadu Bawumia said the launch marked a "new era" that would help contain gold smuggling and raise national earnings.

"Between 2018 and 2023, Ghana's average annual gold production was 3.92 million ounces, that is 122.5 tons. All this gold was exported unrefined, resulting in lost revenue."

The Royal Ghana Gold Refinery, capable of processing 400 kilograms of gold per day, is expected to refine gold sourced from both small-scale artisanal miners and, eventually, large-scale miners once necessary licenses are acquired.

It will source from small-scale and artisanal miners, before acquiring a license to process gold from larger operators.

A sizable amount of Ghana's gold output from unregulated artisanal miners has previously been smuggled outside the country.

Traditional ruler of the Akyem tribe in eastern Ghana, Osagyefuo Amoatia Ofori Panin, said it was important to "own our own resources."

"We're poor because we were exploited. So when I got here and listened to all the speakers, I just took a big sigh of relief and said, finally, finally, we're here."

The refinery is a partnership between India's Rosy Royal Minerals and Ghana's central bank.

At the opening ceremony, Vice President Mahamudu Bawumia hailed the refinery as the beginning of “a new era” for Ghana’s gold industry, emphasizing its potential to curb gold smuggling and maximize the country’s earnings.

Bawumia, who is running for the presidency in December, said it will employ 80 to 120 people directly and create 500 indirect jobs.

The new refinery aims to address these issues by providing a local option for refining, thereby retaining more value within the country.