2024-10-29 23:18:00
Refining your own gold locally is a dream that many producing countries want to realize. This is the case of Ghana. Last August, the African continent’s top gold miner inaugurated a brand new refinery. An infrastructure which, according to the government, would allow the country to regain full control over the value of its mineral. But the obstacles before reaching this goal remain numerous.
With our correspondent in Accra,
A cutting-edge refinery, capable of processing 400 kilos of gold per day, for a purity level of 24 carats: the Royal Ghana Gold Refinery was inaugurated in August in Accra by vice-president Mahamudu Bawumia. “ Today we celebrate not just a new installation, but a testament to our government’s commitment to the development of our natural resources “, he declared on this occasion.
In 2023, gold alone already accounted for almost half of the country’s exports. Refining this material at home is therefore a guarantee of greater economic stability, according to the central bank governor Ghana. « Add value to gold resources From Ghana will allow us to increase our reserves of foreign exchange and improve our balance of payments, which will ultimately protect us from external shocks and vulnerabilities,” says Ernest Addison.
To sell your gold on the main global financial centers, the refinery must be certified by the London Bullion Market Association (LBMA). A task that is far from easy. The institution expects a refinery to be able to operate at a certain volume for three consecutive years. “ The reason for this rule is that maintaining the quality of refining on a small scale does not necessarily mean that it is possible to do it on a large scale. », explains Bright Simons, economist and vice-president of the Ghanaian think tank Imani.
How to integrate artisanal production?
The Royal Ghana Gold Refinery is certainly not the first to attempt the venture in Ghana. Everyone faces the same problem according to the economist: the lack of capital. “ There are a dozen gold refineries in Ghana, some even larger than the one that just opened, highlights Bright Simons once again. And no one managed to get certified. This is mainly due to the fact that gold refining has low profitability. »
Is there enough gold? Ghana to meet demand? The country is also the largest producer on the continent, but its main mines already export to foreign refineries, which hold LBMA certification. This leaves tens of thousands of small mines. However, there is no guarantee. “ If the refinery expects small miners to bring in their own gold, it won’t have the quantities it wants. We need to give tax breaks to miners and set up offices near the mines. It is under these conditions that they will not sell their gold to anyone else ”, according to Godwin Armah, one of the leading representatives of the industry. The authorities will also have to resolve the problem of traceability. An important challenge in a country devastated by illegal gold panning.
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