2023 Budget: Government to establish refinery to boost local gold processing

2023 Budget: Government to establish refinery to boost local gold processing

Government says plans are far superior to set up a gold refinery to allow the country to add worth and fetch larger dividends from gold manufacturing.

Addressing Parliament throughout the presentation of the 2023 Budget Statement and Economic Policy on Thursday, November 24, 2022, Minister for Finance, Ken Ofori-Atta said the transfer will help boost the local trade and create jobs for the teeming youth of the country.

He said government via its financial blueprint for 2023 will “expand the gold purchase programme by Bank of Ghana to support forex reserve accumulation, promote a London Bullion Market Association (LBMA) certified gold refinery in Ghana and promote local currency stability.”

The Minister said the continual drop within the worth of the country’s main export-earning commodities was a sign that the financial system can not depend on exporting uncooked supplies of main produce therefore, government wants to put in place the suitable measures in place to tackle this challenge.

2023 Budget: Government to establish refinery to boost local gold processing

Ghana, the second highest gold-producing country in Africa after South Africa is house to main multinational mining firms that mine and export the valuable steel to be refined in other countries, a improvement that leaves the country shortchanged by way of revenues that the state makes from its mining sector.

With the substantial increment in gold costs on the world market in current occasions, the institution of a refinery for the manufacturing of gold within the country will set the country on a greater standing as it’s higher for the country to add worth to the valuable steel to get actual financial worth than to export it in its uncooked type.

This the Finance Minister said will help the country derive a extra deserving amount from including worth to its gold than what currently accrues to the state from the sale of its uncooked gold.

He was optimistic that the gold refinery will diversify the country’s mineral financial system from a predominantly export-driven to a value-additional financial system stressing that it will fetch the country sufficient overseas trade to cushion the local forex.

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Credit: myjoyonline

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