Adding value to Ghana’s gold: Gold Coast Refinery to establish jewelry manufacturing plant

Ghana’s quest to have 30 per cent of its gold locally processed is on course as Gold Coast Refinery Limited in Accra, continues to add value to gold, three years after its setup.

Sited within Airport Light Industrial Area, the refinery plant has the capacity to refine raw dust, scrap gold and other precious metals up to 180 metric tonnes per annum in a single shift production.

It processes for export, storage, safe-keeping, custodian services, and jewelry manufacturing as well as transportation and logistics services for precious metals, assaying, melting and testing.

Through these activities, the refinery, which is the first largest gold refinery in West Africa states and second largest in Africa, has provided direct and indirect employment to over 1,500 people.

The $110 million plant, established in 2016, is an initiative of the Euroget Group of Egypt, Banking and Financial Services (BAFIS), an international joint stock company, and some local shareholders.

Dr Said Deraz, Chairman and CEO of Euroget Group of Investors, in an interview said the company had built strong business relation with Ghana, Egypt, China, France, Belgium, Spain and United Kingdom with the quality of its projects.

“The exploits of the refinery’s products in the last few years, has been as a result of the quality standards and cost-effective products it offers through affable customer service,” he said.

He said: “The activities of the refinery, means a lot to Ghana’s gold industry since the country, has been unable to realise its dream of adding value to its gold despite being one of the top 10 gold producing countries in the world with estimated production at 92 metric tonnes per year.”

To expand its operations, Mr Deraz said the company was lacing its boots to set up a jewelry plant, which would use raw materials from the main gold refinery to manufacture jewelry, legal tender coins and other artifacts.

“The mining sector has contributed about 14 per cent to the Gross Domestic Product of the national economy and with value addition, the figures could be doubled for the benefit of the entire nation,” he said.


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