Vice President Mahamudu Bawumia officially inaugurated the Royal Ghana Gold Refinery (RGGL) on August 8, 2024.
This advanced facility, a joint venture between the Precious Minerals Marketing Company (PMMC) and Indian firm Royal Gold Limited, boasts a daily refining capacity of 400 kilograms. It produces gold at 24 carats with a purity rate of 99.9%, achieved through a meticulous process of smelting, assaying, and refining.
In his address, Bawumia emphasized that the commissioning of the refinery marks a pivotal step in the government’s strategy.
This strategy aims to shift Ghana from mere mineral production, where raw materials are exported at a low value, to significant value addition, where these materials are processed locally, creating more jobs and retaining more economic value within the country.
The refinery is expected to generate over 600 direct and indirect jobs and is part of the government’s broader vision to enhance the country’s role in the global gold market.
Bawumia highlighted the refinery’s economic impact, noting that currently, Ghana’s gold is exported in raw form and refined abroad, leading to lost revenue and missed job opportunities.
By refining gold locally, Ghana will retain more economic value within its borders and create substantial employment opportunities, particularly for the youth, in roles such as refinery technicians, quality control specialists, and administrative staff.
“The establishment of this refinery is a strategic investment that will significantly contribute to our efforts to add value to our mineral resources,” Bawumia said, instilling optimism about Ghana’s economic future. “With the ability to refine our gold locally, we can sell it at its appropriate price, thereby retaining its economic value within Ghana.”
The Vice President also addressed the issue of illegal mining and gold smuggling, calling on stakeholders in the mining sector to collaborate with the government to maximize the benefits of Ghana’s mineral resources.
Minister for Lands and Natural Resources Samuel Abu Jinapor lauded Vice President Bawumia’s leadership in advancing policies for resource optimization, instilling confidence in the government’s commitment to the mining sector.
Jinapor noted the Vice President’s proactive role in various initiatives, including the digitalization of the National Assay Laboratory and the Gold for Oil Programme, reassuring the audience about the government’s commitment to the mining sector.
He emphasized that the new refinery represents a significant milestone in the government’s commitment to transforming Ghana into an African mining hub.
Jinapor further revealed ongoing efforts to build additional refineries, including a US$450 million manganese refinery in Nsuta, to support the steel, aluminium, and copper industries in Ghana.
The refinery’s establishment is expected to be critical to Ghana’s pursuit of London Bullion Market Association (LBMA) certification, which would facilitate international gold trade.
The inauguration of the Royal Ghana Gold Refinery signifies a significant advancement in Ghana’s mineral resource management. It underscores the government’s dedication to enhancing the country’s position in the global mining industry.
