The Vice President, Dr. Mahamudu Bawumia, has inaugurated the Royal Ghana Gold Refinery as part of efforts to add value to Ghana’s mineral resources.
The new refinery, based in Accra, is equipped to process 400 kilograms of gold daily, producing 24-carat gold with a purity of 99.99 percent.
The inauguration of the refinery is seen as a major step in Ghana’s strategy to transition from mere mineral production to value addition. This development is expected to generate over 600 jobs, both directly and indirectly, and position Ghana as a key player in the global gold refining industry.
“The establishment of this refinery is a strategic investment that significantly advances our mission to ensure value addition to our mineral resources,” said Vice President Bawumia during the inauguration. “For years, Ghana’s gold has been exported in its raw form, leading to lost revenue and missed opportunities for job creation. This refinery changes that narrative, allowing us to retain the economic value of our gold within our borders.”
From 2018 to 2023, Ghana produced an average of 3.92 million ounces (122.5 tonnes) of gold annually, all of which was exported unrefined. The new refinery is expected to reverse this trend, enhancing Ghana’s economic independence by ensuring that the gold is refined locally and sold at its full market value.
The Vice President also addressed the challenges of illegal mining and gold smuggling, urging stakeholders to collaborate with the government to maximize the benefits from the country’s mineral wealth.
The Minister for Lands and Natural Resources, Samuel Jinapor, also speaking at the event, highlighted the government’s commitment to shifting from traditional resource exploitation to a modernized, value-added approach.
“The Vice President has been instrumental in this paradigm shift, spearheading initiatives such as the digitalization of the National Assay Laboratory and the Domestic Gold Purchase Programme, which has significantly increased our gold reserves,” Mr. Jinapor said.
He also pointed to the broader government efforts, including the construction of a $450 million manganese refinery in the Western Region, as part of Ghana’s ambitions to become the mineral refining hub of Africa.
On his part, the Finance Minister, Dr. Mohammad Amin Adams stressed the importance of the refinery in Ghana’s quest for economic independence. “This facility plays a crucial role in ensuring that the value addition happens right here in Ghana.”
“The Ministry of Finance will continue to support initiatives that enhance Ghanaian participation across the mineral value chain,” he added.
Eric Santeng, Director of the Royal Ghana Gold Refinery Limited, praised the government’s support in bringing the refinery to fruition. “Ghana is one of the world’s top gold producers, and with this refinery, we can now add substantial value to our exports, increase foreign exchange earnings, and solidify our position in the global gold market,” Santeng stated.
The Royal Ghana Gold Refinery, established in 2018 as a public-private partnership, reflects Ghana’s commitment to innovation and economic growth, setting the stage for a prosperous future driven by value addition and resource optimization.
