The Ghana Gold Board (Goldbod) has announced that from February 1, it will begin refining one thousand kilogrammes (one metric tonne) of gold every week in the country.
This follows the signing of a memorandum of understanding between Goldbod and Gold Coast Refinery Limited to ensure that more of Ghana’s gold is refined locally. The initiative is aimed at increasing the value of gold exports and keeping refining fees within the local economy.
Speaking at the signing ceremony on Tuesday, January 20, the Chief Executive Officer of Goldbod, Sammy Gyamfi, described the agreement as a major milestone in the management of Ghana’s gold resources, particularly in the area of value addition.
He explained that all gold refined and exported under the arrangement will carry the hallmarks of Gold Coast Refinery, Goldbod, the Ghana Standards Authority, and the Bank of Ghana. According to him, the agreement guarantees that up to one metric tonne of gold exported by Goldbod each week will be refined locally at the Gold Coast Refinery.
Sammy Gyamfi noted that the move will ensure that millions of dollars previously paid to refineries in countries such as Dubai, India, Switzerland, and Hong Kong will now remain within Ghana’s banking sector and economy. He stressed that Ghana can no longer continue refining its gold abroad while local refineries struggle.
Under the agreement, Gold Coast Refinery will refine gold sourced from small-scale mining operations to a minimum purity level of 99.99 percent.
The Chief Executive Officer of Gold Coast Refinery, Said Deraz, on his part, assured stakeholders that the company would deliver strong and measurable results under the partnership.
Source: 3news
