Accra: 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.
According to Ghana News Agency, Ghana, Africa's leading gold producer, is to locally refine one metric tonne of gold from artisanal small-scale mining operations each week, totaling 52,000 kilograms of gold annually, with aspirations to refine gold from large-scale companies in the future. This initiative is pivotal for Ghana as an LBMA accreditation ensures high standards of quality and integrity, verifies a refinery's ability to produce 99.5 percent gold purity, provides access to international markets and buyers, and supports compliance with anti-money laundering regulations.
Dr. Kenneth Ashigbey, the Chief Executive Officer of the Chamber, expressed support at the signing ceremony, emphasizing the shift from exporting raw gold to value addition, which would increase revenue. He highlighted that the agreement, in partnership with Rand Refinery of South Africa, would enhance Ghana's accreditation process through technical and commercial support.
Dr. Ashigbey stated, "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." He further noted the Chamber's commitment to refining gold locally, marking it as a significant milestone on their journey.
The Chamber is determined to scale up the process to meet global demands, collaborating with the Gold Board and the Bank of Ghana to establish systems required for LBMA accreditation. Dr. Ashigbey remarked that positioning Ghana to capture greater value from its gold industry was vital, and having gold stamped with Ghana's mark would be a significant national achievement.
He expressed optimism about the potential of LBMA accreditation to elevate Ghana's global gold market standing, create jobs, boost investor confidence, and ensure that the nation's gold is refined with a "Made in Ghana" stamp. Alhaji Yusif Sulemana, Deputy Minister of Lands and Natural Resources, reassured investors of Ghana's safe and profitable business environment, especially in gold production.
Mr. Sammy Adu Gyamfi, CEO of GoldBod, announced that gold refining would commence on February 1, 2025, with Ghana receiving a 15 percent free share of profits from Gold Coast Refinery's operations. He noted that the initiative would maximize benefits from Ghana's mineral resources, increase tax revenue, boost foreign exchange, enhance gold tracing, and create more jobs through a 24-hour operation.
Mr. Gyamfi concluded, "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."