Bawumia Commissions New Gold Refinery In Accra, Says It Would Boost Employment
- Vice President Dr Mahamudu Bawumia, on Thursday, August 9, 2024, commissioned a new gold refinery in Ghana
- The Royal Ghana Gold Refinery is part of a government-driven agenda to add value to raw gold dore in the country
- The central bank has acquired a 20% stake in the gold refinery as part of its gold purchase programme
Vice President Dr Mahamudu Bawumia has commissioned a new gold refinery in Accra named Royal Ghana Gold Refinery.
The Royal Ghana Gold Refinery, which has been in operation since 2022, was commissioned on Thursday, August 9, 2024, as part of a government-driven agenda to add value to gold ore mined in Ghana.
Source: Getty Images
The government believes the refinery would allow the country to earn more from the precious metal.
Reuters reported that the Royal Ghana Gold Refinery can process 400 kilogrammes (Kg) of gold daily and will source gold dore from small-scale and artisanal miners.
The refinery is set to acquire licences to process gold from large-scale miners.
The Bank of Ghana has also acquired a 20% stake in the refinery in partnership with Rosy Royals Minerals of India.
Bawumia says refinery’s launch marks new era
Dr Mahamudu Bawumia, who was at the launch, stated that the refinery marked a new era and would support the fight against gold smuggling in the country.
Ghana suffers from chronic illegal mining, with sizeable amounts of the output smuggled to significant markets like Dubai and India.
He said the refinery would allow the country to refine its gold and sell it at an appropriate price on the international market, enabling it to retain its economic value.
Dr Bawumia also touted the employment opportunities the refinery would provide Ghanaians.
The refinery is expected to employ 80-120 people directly and create 500 indirect jobs.
Ghana is the biggest gold producer and is expected to maintain that position in the coming year.
Bawumia plans to peg Cedi to gold
YEN.com.gh reported that Vice President Dr Mahamudu Bawumia had suggested a plan to anchor the value of the Cedi to gold.
This will be part of efforts to cushion the local currency against forex challenges from depreciation.
This follows the success of the domestic gold purchase programme, under which the Bank of Ghana has acquired 65.4 tons of gold valued at US$5 billion, significantly boosting Ghana’s gold reserves.
According to the Bank of Ghana’s economic and financial data summary, the Cedi had depreciated by 19.6 per cent against the dollar as of July 2024.
Proofread by Berlinda Entsie, journalist and copy editor at YEN.com.gh
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Source: YEN.com.gh
