GOLD EXPO 2020: LMBA CANNOT DEFINE FAITH OF GHANA’S GOLD, MINISTER CALLS FOR ESTABLISHMENT OF GOLD REFINERIES
The Western Regional Minister Kobby Okyere Darko Mensah has challenge Stakeholders in the Mining industry to immediately come up with a plan that will see to the establishment of Gold refinery Hubs across the country and enact quality refinary standards that will bring uniformity in terms of quality of gold output produce at the various refineries.
The move he believes will improve value addition of the country’s raw gold in the gold mining value chain.
Making a contribution from the audience in a panel discussion on the topic “ The Growing Importance of Africa in the Global Market ” during the climax of the three day maiden edition of Ghana Gold Expo 2020 in Takoradi, Western Region, Kobby Okyere Darko Mensah suggested to the Panels that there is the need to start a serious discussion on establishment of refineries in the country and ensure that standard board is coming up with common denominator that will measure quality of gold from all refineries across the country instead of always relying on The London Bullion Market Association to determine the quality of our Gold and its worth.
He added that it is better to invest in our own refineries with standardise equipments that can produce quality output that matches international standard.
“ We only need the standardised equipments to measure standard of our gold because these equipment have been standardised already, we have international standard and these are the standards the Ghana Standard board is using and sometimes they even do more, I believe stakeholders like precious Minerals, Standard Board and Mineral commission can come together to set up our own refinery standards because we cannot always be waiting for LBMA to define the faith of our Gold, it not the best because this is also our country ”
He further called for immediate stakeholder engagement that will lead to the establishment of Gold refineries Centers in the Country.
I believe that going forward if we should schedule a quick meeting that can be held this week or next Week to take a firm decision, because if we are not taken decisions what are we doing (he questioned), naturally we cannot have only One Gold Refinery Hub but we can have others across the country but if the standard is one and it measured by Ghana Standard Board, it will ensure a single standard for all output from the various refineries.
The Ghana Gold Expo 2020 is a 3-Day historic event to showcase Ghana’s source of gold, its position as first in Gold from Africa, trade & exports and refinery technologies.
The event brought together over 500 Attendees from 35 Countries including government officials, and stakeholders in the whole gold mining value chain.
The London Bullion Market Association is a London based international trade Association that established in 1987 by the bank of England, combining the roles previously carried by London Golf Market and London Silver Market. It also represents the wholesale -over -the- counter gold market, as trading in that market is conducted amongst member of the LBMA .They are also set key benchmark for pricing gold widely used by producers consumers , investors and central banks across the world.
The origination consist of over 80members and over 60 associates located in more than 30 countries, which include bullion dealers, refiners, consumers, fabricators, traders and those providing storage services
By Kwame Offei
