A Few Facts
About Ghana's Retail Gold Market
Ghana, despite being one of the largest gold producers in the world, does not consume gold in significant quantities. This is primarily due to the relatively high retail price of gold in the country. One major reason for this is that the impure gold mined in Ghana cannot be refined locally because the country lacks modern gold refining facilities. Consequently, the impure gold is sent abroad for purification and then re-imported into Ghana for the production of jewelry and other retail items. This process erodes Ghana's natural price advantage.
However, this scenario may soon change. The Royal Ghana Gold Refinery was recently established in Ghana in collaboration with Rosy Royal Minerals of India. Rosy Royal Minerals, a mining company based in Gujarat, India, has brought much-needed capital and expertise to Royal Ghana Gold Ltd. Under the leadership of its principal promoter, Mr. Murtaza Samiwala, Rosy Royal Minerals is poised to play a pivotal role in enabling Royal Ghana Gold to refine the country's gold domestically.
Mr. Samiwala, an MBA graduate from Geneva, is optimistic that the establishment of the Royal Ghana Gold Refinery will benefit both gold sellers and consumers in Ghana, ultimately providing a significant boost to the country's gold retail industry.
