By: Emmanuel Amoah
The National Lottery Authority (NLA) has achieved a remarkable financial recovery, recording profits of GH¢2.5 million in 2022 and GH¢2.6 million in the following year. This turnaround comes after a period of financial struggles, including losses of GH¢788,818 in 2020 and GH¢17.1 million in 2021.
A key factor in NLA’s recovery has been the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP). Since its launch, the program has acquired 65.4 tonnes of gold, valued at US$5.07 billion. In the current year alone, the bank has purchased 23 tonnes of gold, worth approximately US$1.8 billion.
The upcoming Royal Gold Ghana Limited (RGGL) refinery is set to enhance gold beneficiation and value addition, contributing to economic growth, poverty alleviation, and improved livelihoods. The refinery will also help combat gold smuggling, enhance transparency, and boost foreign exchange earnings.
With the prospect of RGGL receiving accreditation from the London Bullion Market Association (LBMA), Ghana anticipates additional benefits, such as reduced reliance on foreign refineries, diversified foreign exchange reserves, and increased refined gold reserves.
The NLA has also updated its strategy to address illegal operators, aiming to sustain its financial recovery and ensure a stable gaming sector.
