West Africa's first gold refinery launches in Ghana

The new facility, which is the first of its kind in West Africa, is set to boost the country’s gold production value and improve its standing in the global market.

Located in Accra, the Royal Ghana Gold Refinery is a joint venture between India’s Rosy Royal Minerals and Ghana’s central bank, which holds a 20% stake.

The refinery can process up to 400 kilograms of gold each day. It will initially source gold dore from small-scale and artisanal miners before extending its services to large-scale mining operations.

At the opening ceremony, Vice President Mahamudu Bawumia described the refinery as marking “a new era” for Ghana. He said the facility would help curb gold smuggling and boost national earnings from gold.

"With the ability to refine our gold, we will be able to sell it at the appropriate price, enabling us to retain its economic value within our borders while creating numerous jobs for the youth," Bawumia said.

Ghana currently exports gold in raw form from licensed producers, and a significant amount from unregulated artisanal mining, known locally as galamsey, is smuggled out. The new refinery is expected to create 80-120 direct jobs and approximately 500 additional indirect jobs.

Last year, Ghana maintained its position as Africa’s top gold producer with an output of 4.03 million ounces, largely due to increased production from small-scale miners.

In 2020, gold contributed around 7.8 billion Ghanaian cedis (about $1.3 billion) to the country’s Gross Domestic Product (GDP).