Ghana Opens First Commercial Gold Refinery to Curb Smuggling and Enhance Earnings

Ghana inaugurated its first commercial gold refinery, the Royal Ghana Gold Refinery, to curb gold smuggling and boost national earnings. A public-private partnership, this refinery will process 400 kg of gold daily. Vice President Mahamudu Bawumia emphasized its economic significance in creating jobs and retaining economic value within the country.

Ghana has inaugurated its first commercial gold refinery, the Royal Ghana Gold Refinery, a strategic move to curb gold smuggling and enhance national earnings. Vice President Mahamudu Bawumia, speaking at the opening in Accra, highlighted how the refinery marks 'a new era' for Africa's leading gold producer.

A public-private partnership between Rosy Royal Minerals of India and Ghana's central bank, where the bank holds a 20% stake, the facility can process 400 kilograms of gold per day. The refinery will source gold dore from small-scale and artisanal miners initially, expanding to licensed large-scale miners over time.

Vice President Bawumia emphasized that refining gold domestically will enable Ghana to sell at more appropriate prices, retaining the economic value within the country and helping to create numerous jobs. The initiative aims to formalize the gold sector, reduce smuggling, and increase state revenue.