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On August 8, Ghana’s Vice President Mahamudu Bawumia officially inaugurated the Royal Gold Ghana Limited (RGG) in Accra, the country’s first gold refinery. The long-awaited mega project is the result of a partnership between the Ghanaian government and Indian company Rosy Royal Minerals Limited.
The new refinery will have a daily production capacity of 400 kg of gold at 99.99% purity (24 carats). Not only will it process all of Ghana’s gold exports each year, it will also create 80 to 120 direct jobs and 500 indirect jobs. This move is part of a strategy to maximize revenues from gold mining while strengthening the local economy.
Ghana, Africa’s leading gold producer, has been involved in the project since 2018 to better exploit its natural resources. In addition to strengthening local gold processing capabilities, the refinery will allow the country to retain a larger share of the profits generated by the gold industry and avoid dependence on foreign refineries.
The Ghanaian government also plans to make RGG the second refinery in Africa to receive the London Bullion Market Association’s “Good Delivery” certification, a guarantee of quality and adherence to ethical standards. If this goal is achieved, RGG could become a key player not only in Ghana but also in the sub-region’s gold producing countries.
The shareholding of RGG shows strong private sector participation, with 80% of the shares held by Rosy Royal Minerals Limited and the Government of Ghana holding the remaining 20%. This public-private partnership reflects a strategy aimed at attracting foreign investment while ensuring national interests.
As Ghana seeks to stabilize its foreign exchange reserves, the country has recently taken innovative steps to use its gold reserves to pay certain state expenses. The new refinery will play a key role in this process, allowing Ghana to further process its gold bars and increase their value in the international market.
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