Ghana, the leading gold producer in Africa, has opened the country’s first gold refinery.

Located in Accra, the Royal Ghana Gold Refinery is part of Ghana’s wider effort to increase the value of its gold and earn more money from the metal.

The refinery has been established through a partnership between Rosy Royal Minerals of India and Ghana’s central bank, with a 20% stake. The refinery plans to distribute licences to small-scale mining companies to help reach its capacity of 400kg/day.

Speaking at the launch of the refinery, Ghana’s vice-president Mahamudu Bawumia stated: "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."

The refinery is set to create 500 jobs in total with 80-120 jobs created directly from the refinery, according to press reports.

In 2021, the Bank of Ghana launched its Gold Purchase Programme to build its gold reserves through domestic purchases and create a foundation for credit currency.   

The bank’s governor, Ernest Addison, explained that purchases totalled 65.4t, the equivalent of $5bn, and that the bank had started the process to acquire the London Bullion Market Association certification. 

Ghana is the world's seventh-largest gold producer, with gold output expected to climb 8.5% to 4.9 million ounces (moz) in 2024, according to GlobalData. This growth will be primarily driven by the ramp-up of the Obuasi Gold mine and the start of operations at the Namdini project, Mining Technology’s parent company said. 

The top three gold-producing countries last year were China (13.3moz), Russia (11.8moz) and Australia (10.6moz).