Ghana Standards Authority Certifies Gold Coast Refinery

Prof. Dodoo (right) presenting the certificate to Board Chairman of Gold Coast Refinery, Said Deraz (left)

Leading gold refinery, Gold Coast Refinery, has been certified by the Ghana Standards Authority (GSA) to begin the hallmarking of gold from Ghana. The certification, which was presented to the refinery on Tuesday, November 27, 2018 at the Kempinski Gold Coast City Hotel, Accra, has paved the way for the first-ever hallmarking of gold from the West African nation, previously called the Gold Coast.

Even though Ghana has large gold deposits, its gold has since colonial era not been recognized on the international market because of they have not been hallmarked.

With the certification of Gold Coast Refinery, Ghana can add value to its gold and easily trace those exported to other parts of the world, as the inscription of the traditional Adinkra symbol would enhance identification.

Speaking at a ceremony to officially present the certificate to Gold Coast Refinery, a partly owned Ghanaian company with Egyptian financiers, Board Chairman of GSA, Dr. Akwasi Acheampong, said it was important to add value to the country's natural resources in order to obtain maximum benefits.

According to him, “It's in light of this that certification by Ghana Standards Authority regarding gold produced by the Gold Coast Refinery is seen as a step in the right direction.”

He explained that apart from increasing revenue, the export of hallmarked gold would also help the country accurately assess revenue from its gold export.

Dr. Acheampong disclosed that the certification of processed gold was in line with the industrialization agenda of the ruling New Patriotic Party (NPP) government, which intends to create more jobs for Ghanaians and also generate revenue for the country.

Section 3(2) (d) of NRCD 173 of 1973 requires the Ghana Standards Authority to “maintain the necessary machinery to ensure that goods prepared and manufactured for export are distinctively marked for export.

Director-General of GSA, Prof. Alex Dodoo said “the GSA is therefore pleased that it is contributing to the national economy by certifying purified gold in Ghana.”

Globally, the certification and hallmarking of gold is undertaken by national standards bodies such as the Bureau of the India Standards, Sudanese Standards and Metrology Institute and Standards Institute of Israel, among others.

Prof. Dodoo disclosed that “GSA currently has a world-class gold assay laboratory equipped with the state-of-the-art equipment comprising X-ray Fluorescence Machine and all the requirements for fire assay analysis.”

The Government of Ghana has a 15 percent shares in Gold Coast Refinery and during the certification ceremony, the company presented a refined gold bar free of charge to the state.

Managing Director of Gold Coast Refinery, said his outfit's “core business involves assaying using the internationally accepted method and standards to refine precious metals including gold, silver, Platinum and Palladium up to the highest purity or fineness level of 99.999.”

He said the company, which began preliminary operation in April 2017, has installed operational capacity of 180 metric tones per annum in a single shift production and up to 340 metric tones in a double shift.

He assured President Akufo-Addo and the country at large that the products of Gold Coast Refinery will be of superior quality to meet international standards.

Trade and Industry Minister, Alan Kwadwo Kyeremanteng, who represented President Akufo-Addo, stated that value addition would lead to the development of other industries in the country.

He added that it would have a positive impact on the national economy and contribute meaningfully to the attainment of government's Ghana Beyond Aid agenda.

Source: Daily Guide