The outgoing President of the Ghana Chamber of Mines, Mr Eric Asubonteng, has expressed optimism that a gold refinery in Ghana will meet internationally recognized standards and have the right certifications, befitting the status of Ghana as one of the leading gold producers in Africa.
He said this on the occasion of the 94th Annual General Meeting held at the Accra International Conference Centre on 3rd June 2022.
It is recalled that a Deputy Minister of Lands and Natural Resources, Mr. George Mireku Duker, said in an interview with 3FM’s Sunrise on the move to establish the refinery in Ghana will create jobs for the people.
“We are engaging to find how the gold would be maintained here to create jobs for the youth”, he said.
He added “by the end of November, we may commission the gold refinery. We were to commission it by the middle of November but from what they are telling me, they are almost 95% done. There are few touches that they are doing and also depending on the president’s schedules, we are hoping to commission it by the end of November 2021.”
Mr. Duker further indicated that “the percentage of ownership has time lines. The Indian government built everything and we provided them with 20%. The 20% is our land but they built everything and that is our commitment”.
“The India government owns 80%. If we retain 20% of the refined gold…if Bank of Ghana is buying the gold, it’s the cost of the refining of the gold that is what we will get 20%. It is the cost of the refining that we have 20% and not the entire gold”.
The outgoing President of the Ghana Chamber of Mines, Mr Asubonteng said at the AGM that “In relation to in-country refining of gold, we are happy that the Chamber has representation on the broad-based committee set up by government to pursue this objective. It helps ensure that the refineries established in Ghana meet internationally recognized standards and have the right certifications, befitting the status of Ghana as one of the leading gold producers in Africa. It provides a good and constructive forum for the Chamber to continue to support this initiative, whiles ensuring that any risks are adequately addressed in the process, and there are no unintended negative consequences.
On the purchase of gold by the Bank of Ghana to shore up the country’s gold reserves, he said “I am glad to say that some member companies of the Chamber have held and continue to hold discussions with the Bank of Ghana on commercial and contractual arrangements to be put in place for such sales.
“Indeed, I know that one of our members has completed these discussions and has moved into implementation. Under the Programme, the Bank of Ghana would purchase gold from domestic producers, in the local currency (Ghana Cedis) and count the gross value of its gold holdings as part of its reserves.”