Ghana has launched its first gold refinery, the Royal Ghana Gold Refinery, in the capital Accra. The facility, capable of refining 400 kilograms of gold daily, is set to enhance the country’s ability to add value to its gold production.
In reports, Samuel Jinapor, Minister for Lands and Natural Resources, noted that the refinery, a public-private partnership established in 2018, is a key step towards securing London Bullion Market Association (LBMA) Certification, enabling Ghana to trade its refined gold internationally.
Jinapor also mentioned the ongoing construction of a $450 million manganese refinery in Nsuta of the Western Region, aimed at supporting the steel, aluminum, and copper industries.
At the commissioning, the country’s Vice President Mahamudu Bawumia highlighted the economic impact, stating that Ghana’s gold has been exported unrefined, resulting in lost revenue and job opportunities.
Gold exports reached $5 billion in the first half of the year, making up 54% of total exports. Minerals Commission CEO Martin Ayisi reportedly forecasted that if prices hold, gold revenue could exceed $10 billion for the year.
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Bawumia projected that the refinery would create 80 to 120 direct jobs and 500 indirect ones, while also boosting domestic tax revenue.
“With the ability to locally refine our gold, we will be able to sell the refined gold at its appropriate price, enabling us to retain its economic value within our borders, while creating numerous job opportunities for the youth,” Bawumia said.
He added that the government plans to refine all gold produced in the country to strengthen economic independence.
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