President John Mahama has uncovered strategy of his administration to establish two gold refineries in Ghana to process raw gold within the nation ultimately surging the output.
Mr. Mahama announced the project before Ghanaian community in Massachusetts, since he is on 10-days official visit of the United States. Earlier, he addressed during 69th Session of United Nations Assembly, met with other head of states discussing on different issues and encouraging them to invest in Ghana and Africa.
Ghana is second largest gold producer on African continent and 10th largest in the World. Exporting raw gold drops the value of its production instead refining gold within the nation would add up revenue by saving millions of Cedi’s that lost just because of impure gold.
Additionally, refineries would keep off mining companies who shut their businesses when prices of the commodity fall on the global market, therefore the mining sector would be functional throughout the year.
“It is my belief that if we are able to set up these refineries then we will also be able to market gold like South Africa does. I am looking forward to the day where we will have a golden bar that has the ‘Gye Nyame’ stamp on it saying 99 percent pure”. Mahama said.
The mineral export accounts for over 37 percent in total exports of Ghanak, of which 90 percent is supported by gold export.
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