Editorial: Refining gold from small-scale mining operations is a positive development

In pursuing greater value addition to natural resources, the country has officially begun refining gold purchased from the artisanal and small-scale mining (ASM) sector following commencement of refinery operations by the Ghana Gold Board (GoldBod) in partnership with Gold Coast Refinery.

The start of operations follows a historic agreement signed last month under which Gold Coast Refinery will refine all ASM gold purchased by GoldBod.

Refining under the arrangement is scheduled to begin in February.

The commencement was marked by a tour of the Gold Coast Refinery by Minister for Finance and Economic Planning Dr. Cassiel Ato Forson, alongside Chief Executive Officer (CEO)-GoldBod Sammy Gyamfi and other senior officials and board members.

The high-powered delegation was taken through the refinery’s full operational chain, demonstrating how raw gold supplied by GoldBod is processed into refined bullion bars.

Executive Chairman-Gold Coast Refinery Said Deraz indicated that the refinery has entered into a technical partnership with Rand Refinery, Africa’s only London Bullion Market Association (LBMA)-accredited refinery, to support operations and ensure that gold sourced from Ghana’s ASM sector is refined locally to international standards.

At the bar production section, Dr. Forson was presented with finished gold bars bearing official stamps of the Ghana Gold Board, Gold Coast Refinery, Bank of Ghana (BoG) and Ghana Standards Authority (GSA).

Mr. Deraz said the refinery has capacity to process up to two tonnes of gold per week, although the current agreement with GoldBod provides for refining one tonne per week.

Addressing journalists after the tour, the finance minister congratulated GoldBod, Gold Coast Refinery and Rand Refinery on the start of local refining, describing it as the realisation of a long-held objective of President John Dramani Mahama to have Ghana refine its own gold domestically.

Indeed, Gold Coast Refinery was commissioned in 2016 under Mahama’s previous administration but remained largely underutilised after that government left office.

The president’s desire to see the facility operate at full capacity informed government’s support for GoldBod’s decision to partner with Gold Coast Refinery and channel all ASM gold purchases into domestic refining.

Dr. Forson said the start of refining operations has created employment for about 162 Ghanaians and enabled the refinery to operate on a 24-hour basis, in line with government’s 24-hour economy policy.

The post Editorial: Refining gold from small-scale mining operations is a positive development appeared first on The Business & Financial Times.

Read Full Story