The African country of Ghana, known as the continent’s leading gold producer, has taken an important step in optimizing its gold industry by inaugurating its first gold refinery. Located in the capital, Accra, the Royal Ghana Gold Refinery represents a key initiative to increase the added value of gold mined in the country and maximize revenues derived from this precious metal.
Strategic partnership for gold refinery in Accra
This project is the result of a strategic collaboration between Rosy Royal Minerals, an Indian minerals companyand the Bank of Ghana, which owns a 20% stake. The refinery is designed to process up to 400 kilograms of gold per day and plans to license small-scale mining companies to help achieve this capacity.
During the inauguration ceremony, Ghana’s Vice President Mahamudu Bawumia stressed the importance of the refinery to the country’s economy.
With the ability to refine our gold, we will be able to sell it at the right price, which will allow us to keep its economic value within our borders and, at the same time, create numerous jobs for young people.
He stated.
In addition to the economic benefits, the refinery is expected to generate 500 jobs, of which between 80 and 120 will be created directly by the refinery, thus strengthening the local economy.
Ghana foresees higher gold production in 2024
This effort is part of a broader program launched in 2021 by the Bank of Ghana, which seeks to increase the gold reserves country’s gold reserves through domestic purchases and establish a solid foundation for domestic credit.
The bank’s governor, Ernest Addison, mentioned that gold purchases reached 65.4 tons, with an estimated value of US$5 billion, and that the bank is in the process of obtaining certification from the London Bullion Market Association.
Ghana, which is currently the seventh largest gold producer in the world in the world, has prospects to increase its production by 8.5% by 2024, reaching 4.9 million ounces. This growth will be driven largely by increased production at the Obuasi mine in Obuasi. Obuasi mine mine and the start of operations at the Namdini project.
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Source: mining-technology
Photo: Shutterstock
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