Gold Board to begin operations next month - Seeks collaboration with Gold Coast Refinery
The Ghana Gold Board will begin full operation next month to actualise the new gold trading regime in the country.
The acting Chief Executive Officer of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, who made the announcement during a visit to the Gold Coast Refinery in Accra yesterday, emphasised that the move was part of significant steps by the government to streamline and regulate the gold trading sector to optimise the benefits derived from the precious metal.
“We are currently making preparations to commence business by the first week of May, where we will commence the purchase and export of gold over there, with the main purpose of raising the much-needed foreign exchange for Ghana to stabilise our currency, and also to support gold reserve accumulation by the Bank of Ghana," he said.
The visit, he said, was to explore ways of collaboration with Gold Coast Refinery to maximise the country's earnings from the precious metal.
Mr Gyamfi lamented the fact that despite Gold Coast Refinery being the largest in West Africa, it had yet to operate at full capacity.
He expressed frustration that after being inaugurated in 2016, the refinery had not been utilised to its full potential, saying the redundancy of the facility was a missed opportunity for the country to add value to its gold before export.
To correct the situation, he emphasised the government’s commitment to move away from exporting unrefined gold, saying it had been a longstanding issue for the sector.
He stressed that the new strategy under the Gold Board would ensure that a larger proportion of Ghana’s gold would be refined locally before export, which would ultimately create jobs and strengthen the country’s economy.
One of the key goals of the Ghana Gold Board, Mr Gyamfi said, was to raise foreign exchange for the country.
By refining and exporting gold, he said, his outfit would aim to generate the much-needed foreign currency to stabilise Ghana’s economy and support Bank of Ghana’s gold reserves.
Partnership
Mr Gyamfi revealed that the Ghana Gold Board was in discussions with Gold Coast Refinery to refine gold locally before export.
He praised the refinery’s infrastructure and stated that it was critical to the success of the country’s new gold regime.
He further mentioned that the refinery’s potential to meet international standards, such as obtaining the London Bullion Market Association (LBMA) accreditation, was a vital step in ensuring that Ghana’s gold exports held greater value in the global market.
Commitment, gesture
The Chairman of Gold Coast Refinery, Dr Said Deraz, echoed Mr Gyamfi’s sentiments, and expressed strong support for the vision of President John Dramani Mahama in restructuring the gold sector.
Dr Deraz lamented the lack of coordination within the sector, and emphasised the importance of a unified approach to gold trading.
He insisted that by working together, the Gold Board and the refinery could help to transform the sector and ensure that the benefits of gold trading reached more Ghanaians.
In a show of goodwill, Dr Deraz announced that Gold Coast Refinery would offer a 15 per cent carried interest to the Ghana Gold Board.
This gesture, he said, was a significant step towards fostering a fruitful partnership between the two entities.
Dr Deraz also acknowledged the support the refinery received from government, particularly from President Mahama’s previous term, for playing a pivotal role in its establishment.
Background
Gold Coast Refinery is the second largest gold refinery in Africa with an installed capacity of 180 metric tonnes per annum of chemical refining and 144 metric tonnes per annum of electrolytic refining.
It is certified by the Responsible Jewelry Council (RJC).
The refinery has the capacity to refine gold up to 99.99 per cent quality, and equipped with two secured vaults of 90 metric tonnes each and two armour plated bullion vans with eight metric tonnes carriage capacity each.
