On August 8, Ghana inaugurated a new gold refinery, the first in West Africa, with the aim of extracting greater value from the country’s natural resources and reinforcing its position as Africa’s leading gold producer. The new facility is expected to refine 400 kilograms of gold per day, representing an annual capacity of 120 tonnes.
Ghana, Africa’s largest gold producer, has inaugurated its first refinery to extract greater value from this natural resource. Called the « Royal Ghana Gold Refinery », it is expected to refine 400 kilograms of gold a day, giving an annual capacity of 120 tonnes, enough to handle the West African country’s entire gold production, which typically averages around four million ounces a year. Located in Accra, the refinery was inaugurated on August 8.
Between 2018 and 2023, Ghana’s annual gold production was 3.9 million ounces. All this gold was exported unrefined, which caused us to lose revenue.
Mahamudu Bawumia, Vice-President of the Republic
The Governor of the Bank of Ghana, Ernest Addison, said the refinery would play an important role in reducing gold smuggling, a long-standing challenge for the country, by providing a ready market for artisanal and small-scale miners. According to the Ghanaian authorities, the decision to launch local processing of the precious metal is part of a wider effort across Africa to add value to natural resources before exporting them, thereby achieving greater economic benefits.
We’re poor because we’ve been exploited. And so when I came here and listened to all the speeches, I thought, finally, here we are.
Amoatia Ofori Panini , Traditional chief of the Akyem tribe
The new refinery is majority-owned by Rosy Royal Minerals Ltd. of India, which holds an 80% stake, while the remaining 20% is owned by the Bank of Ghana. The refinery complements other initiatives to formalize Ghana’s artisanal and small-scale gold mining sector. According to the World Trade Organization, in 2022 the mining sector accounted for around 12% of GDP, while in 2023 gold accounted for around 40% of the country’s export earnings and contributed 10% to the country’s gross domestic product (GDP).