Dr Bawumia inaugurates State-of-the-Art Royal Ghana Gold Refinery

Vice-President Mahamudu Bawumia has commissioned the Royal Ghana Gold Refinery (RGGL), a cutting-edge facility capable of refining 400 kilogrammes of gold daily.
The state-of-the-art refinery, a joint venture between the Precious Minerals Marketing Company (PMMC) and Royal Gold Limited, an Indian gold firm, can produce refined gold at 24 carats with a 99.9% purity rate, making it ready for international markets.

The commissioning of this refinery marks a significant milestone in Ghana’s efforts to move froBam merely producing minerals to adding value to them.

Boost to Ghana’s gold production
The small-scale mining sector, a crucial part of the country’s gold production, generated an export volume of 821.97 troy ounces in the first half of 2024, more than doubling previous years’ outputs. This sector alone contributed $1.7 billion to Ghana’s gold export revenue, accounting for approximately 36% of the country’s total gold export revenue of $5 billion.

Job creation and economic benefits
Vice President Bawumia emphasized that the refinery would create over 600 direct and indirect jobs for Ghanaians.
The facility’s ability to locally refine gold to 24 carats and 99.99% purity will enable Ghana to retain more economic value from its gold exports while also creating numerous job opportunities for the youth.
He highlighted the government’s strategic investment in the refinery, which aligns with its vision of adding value to Ghana’s mineral resources.
“With the ability to locally refine our gold, we will be able to sell the refined gold at its appropriate price, enabling us to retain its economic value within our borders, while creating numerous job opportunities for the youth,” Dr. Bawumia noted.

Govt’s strategic investment and future vision
The refinery represents a strategic investment that contributes significantly to the government’s efforts to ensure value addition to Ghana’s mineral resources.
Between 2018 and 2023, Ghana’s average annual gold production was 3.92 million ounces (122.5 tonnes), all of which were exported unrefined.
The new refinery aims to change this, reducing lost revenue and creating more job opportunities.
Dr. Bawumia also touched on the government’s broader vision of refining all gold produced in Ghana, which would further enhance the country’s economic independence and resilience.
He urged stakeholders in the mining sector to collaborate with the government to ensure that the country fully benefits from its mineral resources.

Support from the ministry of lands and natural resources
Minister for Lands and Natural Resources, Mr. Samuel Abu Jinapor, praised the Vice-President for his pivotal role in the initiative, noting that his commitment and expertise were crucial in implementing policies aimed at enhancing resource exploitation in the country.
Mr. Jinapor highlighted several initiatives led by the Vice President, including the digitalization of the National Assay Laboratory and the Domestic Gold Purchase Programme, which has significantly increased Ghana’s gold reserves.
The Minister also mentioned ongoing efforts to construct a $450 million manganese refinery in Nsuta, Western Region, which would bolster the growth of the steel, aluminum, and copper industries in Ghana.
The establishment of the Royal Ghana Gold Refinery, he added, is a significant achievement that positions Ghana closer to becoming the hub of mineral refinery in the sub-region.

Path to LBMA Certification
With the new refinery, Ghana is on the path to securing London Bullion Market Association (LBMA) Certification, which will enable the country to trade its refined gold on the international market. This certification would be a significant step in maximizing the economic benefits of Ghana’s gold production and solidifying its position as a key player in the global gold market.