Royal Ghana Gold

What Royal Ghana Gold does

Royal Ghana Gold Limited is a Ghana-based metals refining company that operates a state-of-the-art gold refinery in Accra. Founded in 2018 as a joint venture between the Bank of Ghana (representing the Government of Ghana) and India's Rosy Royal Minerals Ltd, the company commenced commercial operations following the inauguration of its refinery in August 2024. It serves small-scale and large-scale gold miners, the Bank of Ghana under the Domestic Gold Purchase Programme (DGPP), and Ghana's domestic jewellery manufacturers, with a stated mission to retain the value of locally mined gold within Ghana by displacing shipments of unrefined dore to overseas refiners.

The refinery operates an integrated, vertically sequenced process stack: refining at 99.99% purity with nameplate capacity of 400 kg per day (~120 tonnes annually), smelting via Electric Induction Furnace, assaying through a Thermo Fischer-equipped laboratory (fire assay, XRF, spectrometrics, ICP, X-ray, and chemical methods), and downstream minting of gold and silver cast bars, ingots, and coins. The site is co-located at the Precious Minerals Marketing Company (PMMC) premises in Accra. Output includes gold cast bars in 1 kg to 12.5 kg denominations, silver bars, gold/silver coins, and bespoke ingots — all held to LBMA-grade purity standards, with full ISO 17034:2016, ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications in place and LBMA Good Delivery accreditation in progress.

Royal Ghana Gold earns fee-based, transaction-priced revenue across refining, smelting, assaying, minting, and a 100% gold buyback service for scrap jewellery, bars, coins, and ingots. Sales are conducted on a direct B2B basis to mining counterparties and government offtakers, with a single-country distribution footprint today (Ghana) and an aspirational global channel once LBMA accreditation is secured. Expected employment at scale is 200 direct and 500 indirect jobs, with the Bank of Ghana's DGPP serving as the structural anchor offtaker for refined gold and as a route to gold-coin issuance to Ghanaian citizens.

Name

Royal Ghana Gold

Legal name

Royal Ghana Gold Ltd.

Website

https://royalghanagold.org

Company type

Private

Founded year

2018

Operating status

Operating

Short description

Royal Ghana Gold is a Ghana-based metals refining company that operates an integrated gold refinery in Accra, providing refining, smelting, assaying, minting, and buyback services to small-scale and large-scale miners, the Bank of Ghana, and domestic jewellery manufacturers at 400 kg/day capacity and 99.99% purity.

Ownership category

akta.pro rank

Product category

Gold Refining & Precious Metals Processing

NAICS

Nonferrous Metal (except Aluminum) Smelting and Refining (33141)

SIC

Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Precious Metals Smelting & Refining (IMAKAEAE)

akta.pro secondary industry

Precious Metals Minting & Bullion Products (IMAKAEAJ)

Keywords

• Gold refining services
• Precious metals assaying
• Gold bullion minting
• Smelting services
• Metals refinery

Headquarters

HQ city

Accra

HQ country

Ghana

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Gold Refining Services: Fee-based gold refining services for small-scale miners and large-scale mining companies. Refines gold to 99.99% purity using state-of-the-art technology. The refinery processes Dore bars and raw gold extracts.
2. Gold Smelting Services: Gold smelting services using Electric Induction Furnace for purification of gold ores and scrap materials.
3. Assaying Services: Professional assaying services for determining gold content in mineral deposits using various methods including fire assay, XRF, spectrometrics, ICP, X-ray and chemical assays. Also available for small and medium gold miners.
4. Gold and Silver Minting: Custom minting of gold and silver products including cast bars, ingots and coins to client specifications meeting LBMA standards.
5. Gold Buyback Services: 100% gold buyback services at competitive rates for scrap gold jewellery, bars, coins and ingots. Professional assaying and valuation process ensures accurate gold content determination.
6. Bank of Ghana Domestic Gold Purchase Programme: Supports the Bank of Ghana's Domestic Gold Purchase Programme (DGPP) by providing locally refined gold for the central bank's gold reserves and gold coin production.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Royal Ghana Gold operates a gold refinery in Accra, Ghana providing refining, smelting, and assaying services to produce 99.99% purity LBMA-standard gold bullion with a daily capacity of 400kg. The company also mints gold and silver bars, coins, and ingots to client specifications, and operates a gold buyback service for scrap gold, jewellery, bars, coins, and ingots.

Product overview

Royal Ghana Gold operates as a gold refining and precious metals processing company with a state-of-the-art refinery in Accra, Ghana. The company offers an integrated suite of services including gold refining (400kg/day capacity), smelting via electric induction furnace, assaying (using Thermo Fischer equipment), gold and silver minting, and gold buyback services. Their product portfolio includes gold cast bars (1kg-12.5kg), silver bars, minted coins, and gold ingots—all meeting LBMA standards with 999.5%-999.9% purity. The refinery was established in 2018 as a joint venture between the Bank of Ghana and Rosy Royal Minerals of India.

Differentiator

Problem solved

Functional benefit

Products and services

• Gold Refining Fee-based gold refining service that processes dore bars and raw gold extracts into 99.99% purity gold bullion meeting LBMA standards, with a refinery capacity of 400kg per day; offered to small-scale miners and large-scale mining companies.
• Gold Smelting Gold smelting service using an Electric Induction Furnace that combines pressure, high heat, and chemicals to remove impurities and purify gold ores and scrap materials.
• Gold Assaying Professional assaying service using a Thermo Fischer-equipped laboratory to determine gold content in mineral deposits and scrap materials via fire assay, XRF, spectrometrics, ICP, X-ray, and chemical assays; available to small, medium, and large miners.
• Gold & Silver Minting Bespoke minting service producing gold and silver cast bars, ingots, and coins to client specifications, meeting stringent LBMA purity standards at the fully integrated refining facility.
• Gold Buyback Gold buyback service purchasing scrap gold jewellery, bars, coins, and ingots at competitive rates, with certified professional assaying and valuation to ensure accurate gold content determination.
• Gold Cast Bars Refined gold bullion cast bars available in 1kg, 2kg, 5kg, 10kg, and 12.5kg mould denominations, adhering to LBMA standards with 999.5%-999.9% purity; sold to institutional and government buyers.
• Silver Bars Refined silver bullion bars available in varying denominations adhering to LBMA standards, produced at the integrated refining facility.
• Minted Coins Gold and silver minted coins (including half sovereign) produced at the integrated refining facility, meeting stringent LBMA purity standards and supplied to the Bank of Ghana for use as safe-haven assets for citizens.
• Gold Ingots Bespoke gold ingots available in various client-specified dimensions, refined and minted at the fully integrated facility and meeting LBMA standards.

Quantifiable outcome

• 400kg gold refining capacity per day (120 tonnes annually)
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and supporting.

• Bank of GhanacoreStrategic or Co-development Partner · 1 January 2018Bank of Ghana is the central bank of Ghana and represents the government's interest in the joint venture. The partnership enables the central bank to accumulate refined gold for foreign exchange reserves, reduce reliance on external borrowing, and support the Domestic Gold Purchase Programme (DGPP). The availability of refined gold allows the BoG to produce gold coins as a safe-haven asset for citizens.
• Rosy Royal Minerals LtdcoreStrategic or Co-development Partner · 1 January 2018Indian mining conglomerate founded in 2009 by Mr. Murtaza Samiwala. Provided capital and technical expertise for the refinery project. Rosy Royal specializes in mining and processing of granite, marble, and sandstone. Mr. Samiwala's experience in international metals markets brings invaluable knowledge for positioning Ghana's refined gold globally. Also founded Rare Earth Jewels Pvt Ltd for precious metals business.
• Precious Minerals Marketing Company (PMMC)coreStrategic or Co-development Partner · 1 January 2018PMMC is a state-owned enterprise of the Government of Ghana originally partnered with Rosy Royal Minerals. While initially the joint venture partner, the arrangement evolved so that the Bank of Ghana represents the government stake instead. PMMC provides land and goodwill within the precious minerals industry.
• Thermo Fischer (Switzerland)supportingTechnology or IntegrationEquipment supplier for the assay laboratory. Thermo Fischer provides world-class laboratory equipment for assaying services, enabling accurate determination of gold content in mineral deposits and scrap materials.
• LBMA (London Bullion Market Association)supportingTechnology or IntegrationThe company follows LBMA recommendations and is working towards LBMA certification for its gold and silver bullion products. LBMA sets standards for responsible sourcing and product quality in the global bullion market.

Scale indicators8 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Royal Canadian Mint: Crown corporation that refines precious metals and mints coins/bars for both domestic and international markets. Direct analogue for RGG's relationship with the Bank of Ghana and its product mix of refined bullion and minted coins.
• Precious Minerals Marketing Company (PMMC): Ghanaian state-owned precious minerals marketing and assaying body from whose premises RGG operates. Direct local comparable — historically handled Ghana's precious mineral marketing and assaying before RGG's JV created a refined-bullion successor.
• MKS PAMP GROUP: Swiss LBMA-accredited gold refiner and bullion bar/coin producer, including a partnership with India's MMTC for the Indian market (MMTC-PAMP). Highly comparable integrated refinery-to-retail-bullion model relevant to RGG's ambitions for both export and domestic jewelry/coin channels.
• Italpreziosi SpA: Italian LBMA-accredited precious metals refiner with refining, assaying, and minting of bars and coins. Closely aligns with RGG's integrated service model and serves as a model of a mid-sized, internationally accredited European refiner.
• Emirates Gold LLC: Dubai-based gold refinery producing LBMA-standard bars, minted coins and investment-grade products serving both domestic jewelry and institutional channels. Comparable as a regional refiner in an emerging gold-trade hub.
• Rand Refinery (Pty) Ltd: South Africa-based LBMA-accredited gold refiner with similar refining and bullion bar production capabilities. Most direct comparable given both operate as the dominant regional gold refiner for an African gold-producing nation and have been/were government-linked.
• Metalor Technologies International SA: Swiss-headquartered precious metals refiner (now part of Japan's Asahi) with full LBMA accreditation and integrated refining-to-products operations including minted bars and coins. Direct business-model overlap with RGG's refining+minting combination.
• The Perth Mint (Gold Corporation): Government-owned precious metals refinery and mint in Western Australia producing LBMA-standard bars, mint coins, and precious metal investment products. Comparable in the integrated refining+minting+government-linked structure relevant to RGG's Bank of Ghana JV.

Broad incumbents

• Heraeus Precious Metals: Global precious metals refiner (Germany/Hanau) with LBMA Good Delivery status and significantly broader product portfolio including industrial precious metals. Comparable as a leading LBMA-standard gold refiner competing for institutional doré supply.
• Asahi Refining North America: Large-scale North American precious metals refiner (part of Japan's Asahi Holdings) operating integrated gold, silver and PGM refining. Comparable as a global institutional refiner competing for industrial and doré feedstock.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Royal Ghana Gold