President of Ghana Announces 2 New Gold Refineries

As part of a 10-day official visit to the United States, Ghanaian President John Dramani announced the establishment of two new gold refineries for his home country. While speaking before the Ghanaian community of Worcester in Boston, Massachusetts, the President of Ghana expressed his nation's desire for more control over gold exports.

The purpose of the refineries would be to process and add value to Ghanian gold before it is exported. President Dramani said that the advantage of the new refineries would allow the country to get a better value for its gold while at the same time creating job opportunities for Ghanaians.

One of the refineries will be funded by the Precious Metals Commission of Ghana, while the other will be from "direct foreign investment".

By processing gold before it is exported, Ghana would also be able to greatly reduce pricing volatility during prolonged transactions.

During his 10-day visit, President Dramani spoke before the United Nations as well as held discussions with the business community in the hopes of bringing foreign investment to Ghana.

For 2013, the country exported more than $4.9 billion dollars worth of gold.