Dr. Bawumia commissions Ghana's first gold refinery

Vice President Dr. Mahamudu Bawumia has officially commissioned the Royal Ghana Gold Refinery in Accra.

The refinery has the capacity to refine 400 kilograms of Dore gold per day, allowing it to process all the gold exported from Ghana over 300 working days annually.

The state-of-the-art facility located in Accra is set to enhance the value of gold exported from Ghana by refining it to 24 carats, 99.99% purity, matching the quality of a good delivery bar (LBMA standard).

It is also expected to create between 80 to 120 direct jobs and an additional 500 indirect employment opportunities, significantly boosting domestic tax revenue through corporate taxes.

Speaking at the inauguration of the refinery on August 8, 2024, Dr. Bawumia highlighted this feat as a major milestone in Ghana’s journey towards economic transformation and industrialization.

He mentioned that the new facility is proof of the government’s commitment to adding value to the country’s natural resources, creating jobs, and ensuring sustainable economic growth.

“The partnership between the Government of Ghana, through the Bank of Ghana, and Rosy Royal Minerals Limited symbolizes a vision for a prosperous future in the precious minerals industry. The state-of-the-art refinery being commissioned today is equipped with cutting-edge technology that meets international standards, significantly boosting our capacity to locally process gold and increase value addition prospects,” he stated.

The vice president also stressed the importance of feeding the refinery with responsibly sourced gold, which is extracted legally, with due regard to the environment, and free from conflict, human rights abuses, and child labor.

He pointed out that domestic gold producers will receive support from the refinery, enabling it to achieve LBMA good delivery list accreditation within three years, making it the second such refinery in Africa.

“This refinery has adequate capacity to meet the needs of Ghana and surrounding gold-producing countries. It is my expectation that our domestic mines will be fully on board and make this refinery their first point of call. With that kind of support, RGGL can obtain the LBMA good delivery list accreditation in three years, making it the second of such refinery in Africa.

“Let us remember that this is a stepping stone towards setting Ghana’s gold on the global market. The Royal Ghana Gold Refinery symbolizes our determination to harness our mineral resources for the maximum benefit of all Ghanaians. Let us strive for excellence, innovation, and sustainable economic development while ensuring responsible extraction of our mineral resources,” he urged.

Dr. Bawumia also assured that the government will work collaboratively with the Royal Ghana Gold Refinery to attain LBMA certification and support both small-scale and large-scale miners across the country.

“Government is pursuing this international certification, with efforts being led jointly by the Bank of Ghana and the Ministry of Lands and Natural Resources. We will work collaboratively with the key stakeholders, particularly the large- and small-scale miners, on how best to ensure that we work progressively to get all gold refined before export,” he revealed.





MA/NOQ