Ghana has unveiled a new US$100 million gold refinery aimed at transforming the country’s mining industry and bolstering its economy.
The Royal Ghana Gold Refinery (RGGR) is a joint venture between the government and Rosy Royal Minerals Limited.
The state-of-the-art facility will refine gold locally, increasing revenue generation and job creation.
Vice President Dr. Mahamudu Bawumia emphasized the refinery’s significance in adding value to Ghana’s natural resources, reducing reliance on raw material exports, and stabilizing the local currency.
The government plans to back the cedi with gold, leveraging the increased gold reserves from the refinery to mitigate currency volatility.
The refinery is expected to produce gold bars meeting international standards, attracting a premium price for Ghana’s gold. It is also anticipated to stimulate the local jewelry industry by providing access to refined gold.
Despite the positive development, the government acknowledged the ongoing challenges of illegal mining, which poses environmental and economic risks.
A comprehensive plan to combat illegal mining was outlined, including increased enforcement, technological advancements, and support for small-scale miners.
The inauguration of the RGGR marks a significant milestone for Ghana’s mining sector, with the potential to drive economic growth and create sustainable jobs.
