The Ghana Chamber of Mines is supporting the country’s domestic gold refinery project, following the signing of an agreement between the Gold Board (GoldBod) and Gold Coast Refinery Limited.
The Chamber believes that the move would stimulate Ghana’s drive towards securing international accreditation from the London Bullion Market Association (LBMA), enabling large-scale companies to also refine locally and increase the country’s export potential.
Per the deal, Ghana, Africa’s leading gold producer, is to locally refine one metric tonne of gold from artisanal small-scale mining operations each week, an equivalent of 52,000 kilogrammes of gold annually, with a vision of refining the mineral from large-scale companies in the future.
An LBMA accreditation ensures high standards of quality and integrity, verifies a refinery’s ability to produce 99.5 per cent gold purity, provides access to international markets and buyers and supports compliance with anti-money laundering (AML).
Dr Kenneth Ashigbey, the Chief Executive Officer (CEO) of the Chamber, speaking at the signing ceremony on Tuesday, January 20, said the Chamber fully endorsed the deal, noting its impact on transitioning from exporting raw gold to value addition and earning more revenue.
He noted that the GoldBod-Gold Coast Refinery agreement, which had a partnership component with Rand Refinery of South Africa, the continent’s only accredited LBMA company, would stimulate Ghana’s accreditation drive, benefiting from technical and commercial support.
“The partnership with the Rand Refinery is the solution for it. Because you could do a two-stage at the beginning and then with time, with the agreement that has been signed, we will be able to do this in this country,” Dr Ashigbey said.
“This is definitely a major thing that has to be done, and is the beginning of the journey… For us as a chamber, we are committed to refining gold in Ghana. It’s something that we are committed to.”
Mr Ashighey said the Chamber was determined to ensure an entrenched and scaled up process to meet global demands, working collaboratively with Gold Board and the Bank of Ghana to ensure that the systems required for LBME accreditation were put in place.
“With the Chamber of Mines at the forefront, Ghana is positioning itself to capture greater value from its gold industry,” he said, noting that seeing gold stamped with Ghana’s mark would be a major achievement for the country.
He expressed optimism about the LBMA accreditation elevating Ghana’s standing in the global gold market, while creating jobs, boosting investor confidence, and ensuring that the nation’s gold was refined and proudly ‘Made in Ghana’ stamped.
Alhaji Yusif Sulemana, Deputy Minister of Lands and Natural Resources, assured investors that Ghana remained a safe and profitable destination for business, especially with gold production and related operations.
“Your investments will bear the fruits you envisage. Ghana is a jurisdiction where you can do business without fear,” he said.
Mr Sammy Adu Gyamfi, the CEO of GoldBod, indicated that the refinery of gold would begin from February 1, 2025, with Ghana getting 15 per cent free share of profits from the from investments in Gold Coast Refinery’s operations.
He said the development would enable Ghana to maximise benefits from its mineral resources, including higher tax revenue and dividends, boost forex, enhance the tracing of gold and create more direct and indirect jobs by operating a 24-hour shift.
“The millions of dollars we pay as refinery charges to refineries in Dubai, Switzerland, India, Hong Kong, and other foreign countries will now stay in our banking sector. That money will now stay in our economy,” Mr Gyamfi said.
GNA
