The Ghana Gold Board (GoldBod) has signed a landmark gold refining agreement with Gold Coast Refinery marking a major step towards deepening value addition within Ghana’s gold sector
CEO of Goldbod Sammy Gyamf and CEO of Goldcoast Refinery Dr. Said Deraz exchanging the agreement.
Speaking at the signing ceremony held in Accra on Tuesday, the CEO of GoldBod Mr. Sammy Gyamfi Esq. said under the agreement, gold sourced from both artisanal and large-scale mining operations will be refined locally for trade and export, bolstering Ghana’s position along the global gold value chain.
He added that about 1 metric tonne of Gold will be supplied to Goldcoast Refinery for processing under the deal.
According to Mr. Gyamfi the deal will significantly enhance the implementation of a track-and-trace system across the gold sector.
He revealed that Ghana’s daily export of approximately one tonne of gold will now be shipped in refined form, with a minimum purity of 99.9 per cent, the highest standard in the industry.
“This development marks a major milestone in Ghana’s gold trade and will help maximise national benefits from our mineral resources,” Mr Gyamfi said.
He also explained that the partnership seeks to reduce Ghana’s long-standing reliance on exporting raw gold, a practice that has historically led to significant revenue losses that could otherwise be captured through domestic refining and downstream processing.
Touching on the economic benefits, the CEO emphasized that 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 later commended the Goldcoast CEO and management for their commitment and cooperation in ensuring this landmark agreement.
For his part, the CEO of Goldcoast Refinery Dr. Said Deraz commended and lauded President Mahama’s 24hour economy policy, which he said is what has culminated in this historic agreement.
He said their ambition is to build a world class gold refinery in Accra to serve Ghana and the sub-region adding that this ceremony will change Ghana’s gold refinery narrative.
The Gold Coast Refinery CEO later expressed his commitment to the Agreement with Goldbod assuring to work closely with them to deliver strong and measurable results.
“We hope that our success will serve as as model for the sub-region and beyond” Dr. Deraz emphasized.
Source:www.senaradioonline.com
