The Vice President Dr Mahamudu Bawumia on Thursday, August 8, commissioned a new gold refinery in Accra named, Royal Ghana Gold Refinery. The refinery, located in Greater Accra, is set to acquire licenses to process gold from large-scale miners and source gold dore from small-scale and artisanal miners.
Vice President Mahamudu Bawumia hailed the launch of the gold refinery as a “historic achievement… towards economic transformation and industrialisation.” He also noted that the refinery marked a new era and would support the fight against gold smuggling in the country.
The refinery which is a partnership with the Bank of Ghana and Rosy Royal Minerals Limited, can refine up to 400 kilogrammes of gold per day. This amounts to an annual capacity of 120 tons, sufficient to process all of Ghana’s gold production, which averages around four million ounces per year.
Currently, Ghana’s gold is exported in unprocessed form, meaning the country misses out on significant revenue that could be retained through local refining. Hopefully, this refinery would allow the country to refine its gold and sell it at an appropriate price on the international market, enabling it to retain its economic value.
Dr. Bawumia further highlighted the employment opportunities the refinery would provide Ghanaians.
