Business News of Tuesday, 20 November 2018
The Ghana Standards Authority (GSA) would on Tuesday, November 27, unveil Ghana’s first hallmarked gold bar and issue certification to the Accra-based Gold Coast Refinery Limited.
An official statement issued by the GSA in Accra, on Tuesday, and copied to the Ghana News Agency, read: “The issuance of a certificate or mark (or both) on a product by the Ghana Standards Authority demonstrates that a specific product meets a defined set of requirements for that product.
“The certification mark is normally found on the product packaging (label) and may also appear on the certificate issued by the certification body. The mark carries a reference number or name of the relevant product standard against which the product has been certified”.
It said the certification of gold produced by the Gold Coast Refinery Company was the first hallmarked gold produced in Ghana.
“It is a very significant milestone in the history of gold production in the country and marks the beginning of a new era in Ghana’s gold sector,” the GSA said.
It explained that the certification of gold refined in Ghana for trading on the international bullion market had three major benefits for the country.
“First, it will add value to our raw gold resources. Second, it will help to address the low incomes derived from the export of raw gold. And third, it will help to properly account for gold exported from Ghana as the actual values of the gold will be established before export”.
The Gold Coast Refinery Limited is the first Refinery in Ghana to be awarded license to hallmark refined bullion of over 995 purity, and to also market and sell its finished products, including value added bars and medallions on the local and international bullion markets.
“The gold sector is very important to the economy of Ghana because of its contribution to the country’s Gross Domestic Product (GDP) over the years,” the GSA said.
Ghana is the second largest gold producer in Africa and the 10th largest in the world.
“It has been a major gold producer over many decades, however, it remains a primary producer and exporter of raw gold,” it said.
“Policy initiatives aimed at adding value to raw materials in the country have largely not been realised; and the continuous export of raw gold (Dore) denies the country of all associated benefits including by-products of refining such as silver, platinum and palladium.
The GSA was set up to ensure the output of high-quality goods produced in Ghana, whether for local consumption or for export; promote standardisation in industry and commerce; promote industrial efficiency and development; and also, promote standards in public and industrial welfare, health and safety.