Gold Coast Refinery’s management has praised the government’s plan to create the Ghana Gold Board (GOLDBOD), claiming that it will maximize the nation’s interest in the gold trading industry.
In order to boost the nation’s profits from the precious metal, the corporation claimed that the Gold Board would be helpful in managing the gold value-addition portfolio.
“We are grateful to President John Dramani Mahama and his administration for having the vision to create the Ghana Gold Board,” Gold Coast Refinery CEO Dr. Said Deraz told the Daily Graphic.
As one of the nation’s largest gold refineries, we are eager to collaborate with the board to further Ghana’s interest in the gold trading industry.
We are excited for this vision to come to pass,” Dr. Deraz continued.
According to him, the local gold refining company was eager to contribute actively to the country’s initiative to increase profits from gold and other mineral resources by adding value.
After South Africa’s Randgold Resources, the Gold Coast Refinery is Africa’s second-largest refinery. A daily capacity of 480 kilograms of gold may be refined by it, with a yearly capacity of 180 tons.
In order to list Ghanaian companies on the global bullion market, we want to collaborate with highly skilled Ghanaian and African businesspeople.
Our goal is to become a valuable African gold producer.
In order to regulate exports and encourage value addition to gold, we are grateful that President Mahama established the Gold Board,” he continued.
Exporting gold
With the natural resource accounting for a sizeable amount of the country’s gross domestic product (GDP), which gauges the monetary worth of finished products and services, Ghana is now the largest exporter of gold in the world.
For example, the gold subsector’s 1.1% GDP growth contribution in 2022 accounted for 35.5% of the nation’s 3.1% GDP output that year.
This implied that one of the primary drivers of the nation’s economic expansion in 2022 was the mining industry.
Additionally, between 2013 and 2019, the GDP contribution of gold alone averaged almost 7%.
Any attempt to refine the metal resource generates an additional bundle of valuable sub-products for other beneficial production processes. Copper and silver are two of the by-products of gold.
Gold Coast Refinery, a division of the Egyptian investment company Euroget De-Invest, has exported to the Indian and Dubai markets thus far. It is currently pursuing the necessary steps to obtain the London Bullion Market Association (LBMA) certification, which is regarded as the de facto global standard for gold and silver.
Certification
Gold Coast Refinery Limited received certification in 2022 to adhere to the Responsible Jewellery Council’s (RJC) Code of Practices.
As a result, it became the first gold refinery in Ghana and West Africa to receive certification in accordance with the RJC’s Code of Practices, which is overseen by the LBMA affiliate in charge of the jewelry and watch sector.
As the premier standards body for the global watch and jewelry sector, RJC collaborates with members all over the world to establish a sustainable supply chain.
Gold Coast Refinery obtained the qualification, which made it a three-year certified member of the council.
The certification is granted in compliance with the Code of Practices 2019 requirements and accompanying documents, which are in line with the UN Guiding Principles of Business and Human Rights and the Organization for Economic Co-operation and Development’s (OECD) Due Diligence Guidance.
Opening
Since its 2016 opening by then-President John Dramani Mahama, the Gold Coast Refinery has been recognized as the largest gold refinery in West Africa.
The authority to issue the commemorative gold coin for Asantehene Otumfuo Osei Tutu II was granted to Gold Coast Refinery in 2022.
It has taken part in several mineral shows and expos around the nation, such as the Ghana Mining Week in Takoradi, Western Region, and the Ghana Gold Expo 2021.
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