Murtaza Samiwala & Royal Ghana Gold Refinery

India's Murtaza Samiwala partners with the Bank of Ghana to create the Royal Ghana Gold Refinery

January 27, 2025

Ghana, one of the largest gold producers in the world, and India, one of the largest consumers of gold—a partnership between the two countries was inevitable. This vision became a reality with the establishment of the Royal Ghana Gold Refinery.

To understand this development, we must rewind a few decades into Ghana's history. Located in West Africa, Ghana boasts a rich heritage and diverse culture. In 1957, it became the first African nation to gain independence from colonial rule. While Ghana’s gold mining industry dates back centuries—some estimates suggest gold mining began there as early as the 5th century—it was only after independence that Ghana started to mine gold for its own benefit rather than for colonial powers.

However, despite gaining full control of its gold mining industry, Ghana did not fully reap the benefits of possessing some of the world's largest gold reserves. The industry faced persistent challenges—smuggling, lack of modernization, and, crucially, the absence of a local refining facility.

Raw gold extracted from mines is impure and requires a thorough refining process to reach 99.99% purity, or 24K gold. Without a gold refinery in Ghana, mined gold had to be sent abroad for refining before being sold to buyers. By being unable to participate in the value-addition stage, Ghanaian firms missed out on a significant portion of the eventual profits.

This began to change in 2017 when Murtaza Samiwala, an Indian businessman, recognized the absence of a gold refinery in Ghana as a major gap and decided to address it. That year, he approached the Government of Ghana, setting in motion a transformative initiative.

Murtaza Samiwala is no stranger to the mining industry. In India, he has been involved for decades in mining granite, marble, and sandstone. As the founder of Rosy Royal Minerals, the largest mining and processing facility of its kind in Gujarat, India, he built a reputation as a "doer" in the industry. However, his success did not come without challenges—he had to navigate regulatory hurdles, modernize operations, and overcome logistical issues to establish himself.

Once his mining business in India gained momentum, Murtaza Samiwala turned his attention abroad, particularly to the Middle East and Europe. His academic background proved invaluable—his PhD in Arabic literature enabled him to communicate fluently in Arabic, facilitating connections and networking in Arab countries. Additionally, his MBA from Geneva provided him with the business acumen needed to expand his European ventures.

While working in the Middle East, Murtaza Samiwala became aware of the Ghanaian gold industry and its challenges. Recognizing the urgent need for a local gold refinery, he decided to take action. He approached the Ghanaian government with a proposal to establish a refinery in Accra, the capital of Ghana, offering to bring in both funding and expertise. The Ghanaian government immediately expressed interest and pursued the opportunity further.

What followed was a rigorous vetting process of Murtaza Samiwala and his businesses by the Government of Ghana. As part of the due diligence, Ghanaian officials even visited his offices in Ahmedabad, Gujarat. After being fully satisfied with their findings, the Government of Ghana finalized the agreement with Murtaza Samiwala for the creation of the Royal Ghana Gold Refinery.

And thus began a golden partnership!

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The Royal Ghana Gold Refinery

The Royal Ghana Gold Refinery is public-private partnership where 80% of the share is held by Murtaza Samiwala (through his firm, Rosy Royal Minerals, India) and the remaining 20% is held by the Government of Ghana through the Bank of Ghana.

You can read more about the Royal Ghana Gold Refinery over here - https://royalghanagold.org/