In what can be described as a true public-private partnership, the Bank of Ghana has entered into a collaboration with Rosy Royal Minerals of India to create the country’s first modern gold refinery: The Royal Ghana Gold Refinery.
Led by Indian businessman Mr. Murtaza Samiwala, Rosy Royal Minerals has provided capital and expertise in The Royal Ghana Gold Refinery, which is expected to give a major boost to the emerging Ghanaian gold industry.
Murtaza Samiwala and Eric Santeng lead the effort to create Ghana's first gold refinery
In 2017, Mr. Murtaza Samiwala, an Indian businessman and mining tycoon, approached the Government of Ghana with a proposal to set up Ghana's first state-of-the-art gold refinery. Recognizing the significant benefits such a refinery would bring to the country, the Ghanaian government immediately supported the plan.
By 2024, this plan was realized with the creation of the Royal Ghana Gold Refinery, a joint venture between the Bank of Ghana and Rosy Royal Minerals of India, a mining company led by Mr. Murtaza Samiwala. Speaking at the inauguration of the refinery, the Director of Royal Ghana Gold Limited, Mr Eric Santeng, emphasized the thorough due diligence carried out by the Government of Ghana before entering into a partnership with Rosy Royal Minerals.
Watch Dr. Bawumia's Arrival at the Inauguration of Royal Ghana Gold Limited
The Vice President, Dr. Mahamudu Bawumia, arrived at the inauguration of Africa's first gold refinery—Royal Ghana Gold Limited—in Accra.
Bawumia Moves to Fulfill Dream of Gold Value Addition
The Vice President, Dr. Mahamudu Bawumia, has hailed the establishment of the Royal Ghana Gold Refinery. He stated that this joint venture between the Bank of Ghana and Rosy Royal Minerals will significantly contribute to adding value to Ghana's gold mining industry.
He explained that Rosy Royal Minerals of India, led by its Director Mr. Murtaza Samiwala, was initially supposed to partner with the Precious Minerals Marketing Company of Ghana (also a state-owned enterprise). However, it was later decided that the Bank of Ghana would represent the Ghanaian government in this venture.
Bawumia Takes Steps Toward Realizing Goal of Gold Value Addition
Speaking at the launch of the Royal Ghana Gold Refinery, the Vice President, Dr. Mahamudu Bawumia, lamented the absence of a modern local gold refinery over the years. He pointed out that Ghana's reliance on foreign refineries had cost the economy in terms of lost revenue and missed job opportunities.
Bawumia Pushes Forward with Plan for Gold Value Addition
The Vice President, Dr. Mahamudu Bawumia, spoke about the vision of President Nana Addo Dankwa Akufo-Addo to boost Ghana's exports. While addressing the gathering at the launch of the Royal Ghana Gold Refinery, the Vice President further explained how the export of refined gold from Ghana—now made possible by the establishment of the refinery—aligns with this vision.
The President of the National House of Chiefs, Ogyeahoho Yaw Gyebi II, congratulated the Government of Ghana for the creation of the Royal Ghana Gold Refinery. He stated that, in time, the inauguration of the refinery would be seen as a watershed moment that would steer Ghana's economy toward growth and prosperity.
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