Ghana Opens Second-largest Gold Refinery in Africa
The West African nation Ghana is known as one of the top gold-producing countries in the world. From the most recent data, it ranks as #10 on the planet, and is second in the continent of Africa behind only South Africa. On an annual basis, the national gold output of Ghana is consistently above 90 metric tonnes.
Now, thanks to the Egyptian company Euroget group, Ghana will also boast the continent's second-largest gold refinery (behind the South African Rand Refinery).
According to the Egyptian Ministry of Foreign Affairs, the new plant will refine raw gold dust, scrap gold, as well as other precious metals. Its refining capacity will be of extremely high quality: It will produce "five-nines" gold, meaning .99999 fine—99.999% pure. To date, the Royal Canadian Mint, the Perth Mint, and world-class Swiss refiners have been among the only operations to achieve this feat.
In addition, the facility will offer storage and export of gold, jewelry manufacturing, and a showroom. Its estimated cost was $110 million.
Ghana's president, John Dramani Mahama, was in attendance for the refinery's official inauguration ceremony on Friday. He was joined by a number of the country's legislators and government ministers. The plant will go into full operation in December.
Beyond helping Ghana move toward its goal of becoming the African continent's gold jewelry hub, the new state-of-the-art refinery also strengthens the existing bonds between Egypt and Ghana.
The opinions and forecasts herein are provided solely for informational purposes, and should not be used or construed as an offer, solicitation, or recommendation to buy or sell any product.
Everett has been the head content writer and market analyst at Gainesville Coins since 2013. He has a background in History and is deeply interested in how gold and silver have historically fit into the financial system.
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