"Be a catalyst for change" – Shirley Chisholm, U.S. civil rights leader
If there is someone this quote applies to within the Ghanaian gold industry today, it would be Murtaza Samiwala, the promoter of Rosy Royal Minerals. With the creation of the Royal Ghana Gold Refinery, Murtaza Samiwala has been the catalyst for change, with the potential to revolutionize not just the Ghanaian gold industry but also the country's economy.
But first, let’s understand the history of Ghana’s gold industry. Ghana sits on some of the largest gold reserves in the world and has been mining gold for centuries. During the period when Ghana was a British colony (1821–1957), it was one of the major suppliers of gold to the British Empire. However, everything changed when Ghana gained independence. The gold that once funded British military conquests was now being used to support Ghanaian government projects.
Yet, one thing remained the same: Ghanaian mining firms continued to receive only pennies on the dollar for their mined gold. When gold is extracted, it contains impurities such as silver, copper, and other base metals. To meet the 99.99% purity standard required for the international market, these impurities must be removed in refineries—something Ghana traditionally lacked. As a result, Ghana had to send its raw gold to other countries for refining, missing out on the value addition and revenue that refining would bring.
Something had to change. But change doesn’t happen on its own—it needs a catalyst. Murtaza Samiwala became that catalyst.
An established industrialist in India, Samiwala had already made his fortune in the country’s mining sector. He founded Rosy Royal Minerals, the largest integrated quarry in Gujarat, India, extracting graphite, marble, and sandstone. Through his vision, he transformed an otherwise sluggish industry into a thriving business. He also forged deep partnerships with tile manufacturers in India, ensuring a steady supply of raw materials at competitive prices—bridging the gap between mine and manufacturer.
Recognizing Ghana’s lack of a local gold refining facility, Murtaza Samiwala saw another gap that needed to be filled. Losing out on revenue was unacceptable to him, and he did not see building a local refinery as an insurmountable obstacle. The challenges—insufficient funding, lack of skilled personnel, and poor infrastructure—could all be overcome. As a true catalyst for change, he took action.
In 2018, Murtaza Samiwala approached the Ghanaian government with a proposal to establish a local gold refinery. After a thorough due diligence process, the government approved the project, leading to the birth of the Royal Ghana Gold Refinery. With an 80% stake through his firm, Rosy Royal Minerals, Murtaza Samiwala set up the refinery, while the Government of Ghana, through the Bank of Ghana, retained the remaining 20% ownership.
The Royal Ghana Gold Refinery was officially commissioned in August 2024 by then Vice President of Ghana, Dr. Mahamudu Bawumia. In just six months since its launch, the refinery has already processed tons of gold. It has secured partnerships with some of Ghana’s top mines, creating a win-win situation for both miners and the refinery. The facility is now on track to be listed on the Good Delivery List of the London Bullion Market Association—an achievement that will cement its reputation on the international gold market.
They say change is inevitable. Sometimes, it happens on its own. But sometimes, it needs a catalyst—like Murtaza Samiwala!