Plans are far advanced to set up a gold refinery to enable the country to add value and fetch higher dividends from gold production., Finance Minister Ken Ofori-Atta gas announced.
Addressing Parliament during his presentation of the 2023 Budget Statement and Economic Policy on Thursday (November 24), he explained that the initiative is a joint venture with the private sector.
He said the move would help boost the gold industry in Ghana and create jobs for the many young people in the country who are out of work.
He declared that the continuous decline in the value of the country’s main export commodities was evidence that the economy could no longer rely on exporting raw materials for major productions.
As a result, he stated, the government is putting measures in place to address this issue.
He claimed that Ghana’s ability to add value to its gold would allow the country to derive far more deserving returns from its resources than it currently receives from selling raw gold.
He added that the gold refinery will help diversify the country’s mineral economy from an export-driven structure to a value-added economy.
He concluded that this will help Ghana earn enough foreign currency to cushion the local currency.