{"id":209219,"date":"2024-08-15T20:54:38","date_gmt":"2024-08-15T20:54:38","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/08\/15\/ghana-invests-in-future-with-opening-of-new-gold-refinery\/"},"modified":"2024-08-15T20:54:38","modified_gmt":"2024-08-15T20:54:38","slug":"ghana-invests-in-future-with-opening-of-new-gold-refinery","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/08\/15\/ghana-invests-in-future-with-opening-of-new-gold-refinery\/","title":{"rendered":"Ghana Invests in Future with Opening of New Gold Refinery"},"content":{"rendered":"
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Ghana launched a new gold refinery on Thursday, the first in West Africa, with the aim of extracting greater value from the country\u2019s natural resource and reinforcing its position as the leading gold producer in Africa.<\/p>\n
The Royal Ghana Gold Refinery is poised to be just the second in Africa to attain the highly esteemed London Bullion Market Association (LBMA) Good Delivery Bar Certification.<\/p>\n
The state-of-the-art refinery, located in Accra, was commissioned on Thursday by Vice President Mahamudu Bawumia, who hailed it as a \u201chistoric achievement towards economic transformation and industrialisation.\u201d<\/p>\n
The refinery, established in collaboration with the Bank of Ghana and Rosy Royal Minerals Limited, can process as much as 400 kilograms of gold per day.<\/p>\n
This translates to a yearly capability of 120 tons, enough to handle all of the West African country\u2019s gold production, which usually averages about four million ounces per year.<\/p>\n
At present, Ghana\u2019s gold is exported without being processed, resulting in the country missing out on substantial revenue that could be obtained through local refining.<\/p>\n<\/figure>\n
Finance Minister Mohammed Amin Adam stressed that even though gold accounts for about 96 per cent of the country\u2019s mineral exports, the commodity\u2019s unrefined nature restricts the country\u2019s revenue prospects.<\/p>\n
\u201cThe new refinery opens many doors for economic transformation by creating jobs that will have a multiplying effect on the local economy,\u201d he said.<\/p>\n
Ghana is Africa\u2019s top gold producer, with gold making up over half of its exports. In the first half of 2024, gold exports surged due to higher global prices and increased production, reaching $5bn, or 54% of total exports. Illegal mining remains a major issue for the country, contributing to environmental degradation and water pollution.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Ghana launched a new gold refinery on Thursday, the first in West Africa, with the aim of extracting greater value from the country\u2019s natural resource and reinforcing its position as the leading gold producer in Africa. The Royal Ghana Gold Refinery is poised to be just the second in Africa to attain the highly esteemed […]<\/p>\n","protected":false},"author":1,"featured_media":209220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-209219","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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