Ghana: Inauguration of the country’s first gold refinery, Royal Ghana Gold Limited (RGG).
In partnership with an Indian company, Ghana officially inaugurated its first gold refinery, « Royal Ghana Gold Limited (RGG) », on Thursday, August 8, 2024. The ceremony was led by Ghanaian Vice President Mahamudu Bawumia. This refinery is set to process all the gold exported annually by the country, contributing to increased revenue from gold mining while also creating jobs.
This facility is the result of a public-private partnership between the Bank of Ghana, through the Precious Mineral Marketing Company, and the Indian company Rosy Royal Minerals Limited.
The refinery has the capability to refine 24-carat gold, achieving a purity of 99.99%. It will directly employ 80 to 120 people and create 500 indirect job opportunities. With a daily production capacity of 400 kg of gold, the refinery will be able to process all the gold exported annually by Ghana.
“This refinery has sufficient capacity to meet the needs of Ghana and neighboring gold-producing countries. I expect our national mines to fully participate and make this refinery their first point of call”, the Vice President stated.
Furthermore, the government aims to have RGG certified as the second “Good Delivery” refinery in Africa by the prestigious London Bullion Market Association, one of the world’s largest gold trading markets. This certification, currently only held on the continent by Rand Refinery in South Africa, guarantees buyers the quality and conflict-free origin of the gold.
It is worth noting that the construction of this refinery is part of the Ghanaian government’s broader strategy to maximize the economic and financial benefits of its gold resources. As Africa’s leading gold producer, Ghana has also recently decided to use gold to bolster its foreign exchange reserves by paying certain state expenses in gold bars. The RGG is expected to be 20% owned by the Ghanaian government and 80% by Rosy Royal Minerals Limited.
