Ghana, Africa’s leading gold producer, has taken a significant step towards enhancing its gold sector by inaugurating its first commercial gold refinery in Accra. The Royal Ghana Gold Refinery, which has the capacity to process 400 kilograms of gold daily, is a joint venture between Rosy Royal Minerals of India and Ghana’s central bank, which holds a 20% stake. This refinery is expected to help the country capture more value from its gold production by refining the metal locally rather than exporting it in raw form, a practice that has long limited the economic benefits for Ghana.
The establishment of the refinery is also seen as a strategic move to address the pervasive issue of gold smuggling in the country. By providing a local facility for refining, the refinery offers a legal and transparent channel for small-scale and artisanal miners, whose output contributes significantly to the nation’s gold production. In 2023 alone, Ghana’s gold production reached over 4 million ounces, with small-scale mining playing a crucial role.
At the launch, Vice President Mahamudu Bawumia emphasized that the refinery would mark a “new era” for Ghana’s gold industry, promoting not only economic growth but also job creation. The facility is expected to provide direct employment for about 120 people and create an additional 500 indirect jobs (Devdiscourse). The Bank of Ghana, which initiated a gold purchase program in 2021, aims to leverage the refinery to build its reserves further and stabilize the cedi, the national currency.
The Ghanaian government is also pursuing London Bullion Market Association (LBMA) certification for the refinery, which would enhance the global credibility of the country’s gold products and open up broader markets.
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