Ghana, Africa’s top gold producer, has opened the country’s first gold refinery.
The Royal Ghana Gold Refinery, located in Accra, is part of Ghana’s wider effort to increase the value of its gold and earn more money from the metal.
The refinery was established through a partnership between Rosy Royal Minerals of India and the central bank of Ghana, with a 20% stake. The refinery plans to distribute permits to small-scale mining companies to help reach its 400kg/day capacity.
Speaking at the inauguration of the refinery, Ghana’s Vice President Mahamudu Bawumia declare yourself: “By being able to refine our gold, we will be able to sell it at the right price, allowing us to keep its economic value within our borders, while creating many jobs for young people.”
The refinery is set to create 500 jobs in total with 80-120 jobs being created directly from the refinery, according to press reports.
In 2021, the Bank of Ghana launched the Gold Purchase Program to build up its gold reserves through domestic purchases and create a foundation for the credit currency.
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From GlobalData
The bank’s governor, Ernest Addison, explained that purchases totaled 65.4 tonnes, equivalent to $5 billion, and that the bank had begun the process of obtaining London Bullion Market Association certification.
Ghana is the world’s seventh-largest gold producer, with gold production expected to grow 8.5% to 4.9 million ounces (moz) in 2024, according to GlobalData. This growth will be mainly driven by the development of the Obuasi gold mine and the commissioning of the Namdini project, Mining technologythe parent company said.
The top three gold producing countries last year were China (13.3moz), Russia (11.8moz) and Australia (10.6moz).