Royal Ghana Gold Limited in a joint partnership with the Bank Of Ghana have officially commissioned the Royal Ghana Gold Refinery in Accra.
Director of Royal Ghana Gold Limited, Eric Santeng, speaking at the event held on Thursday, August 8 at the Royal Ghana Gold Limited forecourt, acknowledged all trailblazers, key stakeholders like the Bank of Ghana, for accomplishing this feat and touted the achievement as long-envisaged by leaders of Ghana since the days of independence.
He explained that the refinery has undergone all requisite checks and with the collective efforts of Royal Ghana Gold Refinery, Bank of Ghana and the consented efforts of Ghanaians, will earn an endorsement by the London Bullion Market Association (LBMA) to validate access to the global market. “Today we take a giant leap forward following in the footsteps of our counterpart in South Africa of becoming the second golf refinery in Africa focused to achieve LBMA status; if we work hard we can achieve LBMA status.” he said.
He touted the partnership of Royal Ghana Gold Limited with the Central Bank as an exemplified possibility of public-private collaboration to foster strategic nationwide development through the use of cutting-edge technology of the highest global standard. Mr. Santeng noted that the venture is set to potentially uphold responsible mining practices in Ghana. “When the government and private sector work together we can achieve remarkable outcomes that befit our entire nation. It is precedent for future projects that can harness the strength of both sectors, addressing critical challenges and unlocking new opportunities.”
President of the Chamber of Mines, Michael Edem Akafia urged government to support Royal Ghana Gold Limited in every way possible to secure accreditation from LBMA. He also stated that the necessary systems must be introduced to engage local mining companies in business dealings and provide artisans with quality gold to make quality items from gold directly from the refinery.
The National House of Chiefs was proudly represented by Ogyeahoho Yaw Gyebi II, Paramount Chief of the Sefwi Anhwiaso Traditional area, who shared similar sentiments and acknowledged small scale miners and local mining companies as the ‘backbone’ of gold production in Ghana. “It is time for us to take our destiny in our own hands. Now we are able to mine gold and the by-products remain right here with the benefits yielded into the development of our country Ghana. The government should purchase gold from them; not to forget they are the back-bone of mining in Ghana.” He stated.
Governor of the Central Bank, Dr. Ernest Addison, speaking as a key stakeholder and major partner of Royal Ghana Gold Limited described the refinery as a significant step in the right direction for Ghana’s economy and represents the beginning of Ghana’s economic independence.
Minister of Finance, Dr, Amin Adam touted gold mining as the cornerstone of Ghana’s economy. He however stated that the absence of the refinery in previous years deprived Ghana of properly harnessing the benefits of being among the top gold producers in the world. Dr. Amin Adam commended the dedicated individuals and companies that collaborated to make this vision a reality. “The commissioning of this gold refinery marks a pivotal moment in Ghana’s journey of economic independence as it ensures that the value addition of gold happens here in Ghana creating jobs, bolstering development and retaining world economic benefits within our country.” He noted.
Minister for Lands and Natural Resources, Samuel A. Jinapor, marked the refinery as part of groundbreaking ventures introduced under the Akufo-Addo – Bawumia government. He acknowledged the efforts of government to enhance the standard of living for all Ghanaians through digitalization and technology especially in the lands and natural resources sector. He explained that the refinery evidently unveils the commitment of government to value addition and the manifestation of the government’s dream to make Ghana the mining hub of Africa. “The refinery is unveiled as a manifestation of the vision of the Akufo-Addo – Bawumia government to make Ghana the mining hub of Africa, where all mining and all mining related activities from exploration to downstream production and from research to innovation will be centred.”
Key guest speaker of the refinery’s commissioning, Vice President of the Republic of Ghana, Dr. Mahamudu Bawumia, explained that the added value of refined gold in Ghana will mark an economic turn-around for Ghana. He cited gold’s major representation of yielding made by Ghana in mineral exports in mid-2024. Gold alone which accounted for $5 billion of the total $9.2 billion in mineral exports was described by Dr. Bawumia as a major economic lifeline. “The local economy was able to generate this 5 billion dollars and without this 5 billion dollars, our economy would have been in deep trouble buying fuel would have even been a problem. We shall be experiencing the challenges that other countries are presently facing.” Dr. Bawumia revealed.
The Vice President indicated that the refinery will generate 80 – 120 direct jobs and 500 indirect jobs which will boost tax revenue and will earn Ghana international recognition as a refinery which has the capacity to provide gold of internationally recognized standard (24 karat/ 99.99% purity) and would be sold at its appropriate price.