Ghana opens new gold refinery with 20pc government stake

ACCRA, Ghana, Aug 11 (Reuters): Ghana opened its first commercial gold refinery in which the state holds shares on Thursday as part of an effort by Africa's leading gold producer to add value and earn more from the precious metal, which has been mined there for centuries.

The Royal Ghana Gold Refinery - a public-private partnership between Rosy Royal Minerals of India and Ghana's central bank, in which the bank holds a 20 per cent stake - has the capacity to process 400 kilogrammes (kg) of gold per day.

It will source gold dore from small-scale and artisanal miners before acquiring licences to process gold from large-scale miners.

Speaking at the opening in the capital Accra, Vice President Mahamudu Bawumia said the launch of Royal Gold Refinery marked "a new era" that would help contain gold smuggling and raise national earnings from the precious metal.

"With the ability to refine our gold, we will be able to sell it at the appropriate price, enabling us to retain its economic value within our borders while creating numerous jobs for the youth," he said.

Ghana's gold from licensed producers is exported in raw form while a sizeable amount of output from unregulated artisanal miners, locally called galamsey, is smuggled outside the country.