Africa, Ghana, Gold, News, refineries, two, value. export, World -

Ghana to Establish 2 Gold Refineries

Africa, Ghana, Gold, News, refineries, two, value. export, World -

Ghana to Establish 2 Gold Refineries

Source: Spy Ghana
Source: Spy Ghana

Ghana President John Dramani Mahama on Saturday announced that the government would establish two gold refineries to process and add value to the country’s gold before exporting.

He said the establishment of the refineries would not only give the country better value for its gold, but would also create job opportunities for more Ghanaians who would be employed in those refineries.

Mahama announced this when he addressed the Ghanaian community at Worcester in Boston as part of his 10-day official visit to the United States.

Since his arrival, Mahama has addressed the 69th session of the United Nations Assembly, attended and participated in crucial debates pertaining to the economy and governance, held bilateral discussions and engaged the business community with the hope of wooing investment to Ghana and Africa.

Mahama explained that while one of the refineries would be funded by the Precious Minerals Commission, the other one was a foreign direct investment to add value and avoid the perennial exportation of gold in its raw form.

The processing of the gold before exporting, he said, would reduce the risk of losing millions of cedis in the event of any fall of gold prices on the international market.

Mahama said the refineries would also encourage mining companies to carry out their activities throughout the year, unlike the current state when most of them shut up anytime there were falls in prices of the commodity on the international market.

He said, currently, the proceeds of Ghana’s oil was negligible since the whole of last year the country earned a total of $700 million, which was comparatively lower than cocoa and gold.

Answering questions on corruption in Ghana, Mahama challenged all Ghanaians to be upstanding against the practice that had become a canker in the Ghanaian society.

He attributed the situation to institutional weakness that had created loopholes for individuals and organizations to take advantage of.

 

Read more at spyghana.com


Leave a comment

Related Posts

Yogurt shop owner boots Black social worker and the cops issue weak mea culpa
Seattle-area police are now apologizing for an incident that led to officers helping the owner of a frozen yogurt sho...
Read More
Rep. Marcia Fudge under fire after letter of support for abusive judge accused of murdering his wife surfaces
Congresswoman Marcia Fudge (D-OH-11th District) seems to have hopes of becoming the next Speaker of the House, but th...
Read More
Overheard Jay-Z lyric convinces paranoid neighbor Black man is abusing partner — yep, he calls cops
A Black man at home minding his business and jamming to some old-school hip hop, had the cops called on him because h...
Read More
Kotaku Ninja Keeps Reporting Fortnite Rivals, And It’s Not Sitting Well With Fans | Jalopnik Califor
Kotaku Ninja Keeps Reporting Fortnite Rivals, And It’s Not Sitting Well With Fans | Jalopnik California Car Dealers A...
Read More

Tags