President John Mahama has officially opened a gold refinery in Accra.

According to company officials, the Gold Coast Refinery Ghana Limited, is the largest in the West African sub region and the second largest on the continent.

Speaking at the opening ceremony, the president thanked the team of private investors for demonstrating confidence in the Ghanaian economy and said their action was in line with his administration's transformational agenda."This is the fruit of perseverance and vision...It is one of the positive responses to our agenda for transformation."The president also announced that the government was collaborating with the Kwame Nkrumah University of Science and Technology to set up a jewelry production village in Tepa in the Ashanti Region.

The refinery, located near the Kotoka International Airport, is expected to create 1500 direct and indirect jobs.

Although Ghana has been a major source of gold to the world for over a century, the country has lost billions of dollars because like many of the country's exports, gold leave its shores in a raw state.

The economy also suffers from profit flight by large companies and is currently struggling to clamp down on the activities of illegal small scale mining which has a negative impact on the environment.