The Chamber of Mines is seeking to significantly improve Ghana’s take from its mining sector.
Despite having mined gold for over a century, the country – a major global exporter – only exports the precious mineral in its raw state, thereby, losing out on the opportunity to make extra revenue from refining.
For every 100 kilograms of gold refined, one gets seven kilograms of silver and other minerals such as Uranium which can be sold for extra income.
The Chamber of Mines and the Ghana Standards Authority have, therefore, signed a Memorandum of Understanding (MoU) to ensure that the right standards are adhered to in the mining sector.
The move is to, among other things; ensure that mining inputs especially local inputs are running in line with world class standards and practices.
There are currently six standards for gold, which include that for refined gold, ultrafine gold, and purified gold. But that for other minerals such as bauxite and silver, as well as for other mining inputs are yet to be developed.
Although the country acquired refinery plants in November last year, the second in Africa after South Africa, it is yet to start operations.
Signing the MOU, Chief Executive Officer of the Ghana Standards Authority, Professor Alexander Nii Otoo Dodoo said the move will enable the two entities to collaborate to ensure the required standards are adhered to in the sector.
“We believe very strongly that the mining sector can contribute to jobs. We believe very firmly that a well regularized and standardized mining sector can lead to prosperity in this country. Businesses thrive in an atmosphere of trust and so the whole point of standardization is to build trust. We are setting the standard to have what we call trade stability.”
He added further that “to the international community this is going to serve notice that Ghana is open for higher level of business in the gold industry. We have already started the process to begin the hallmark of precious minerals so that as you buy the mineral that has been certified by the Ghana Standards Authority, that adds a huge value.
Professor Dodoo believes the mining sector, which is the highest tax payer, will yield revenue much more than it is already yielding, if it meets world class standards.
“It’s about market and business and confidence. And that is why we want to have a formal relationship. We now have the capacity, which is the modern plants that were inaugurated. We will also get business of purification from other countries in Africa and that will generate revenue.”
Professor Dodoo also announced that the country will have a museum for precious minerals in the next few months.
On his part, CEO of the Chamber of Mines, Suleimana Koney said the MOU will enable them to put high premium on the mining sector.
“For us at the chamber of mines, we are very committed to creating value for our country. To improve local content you have to make sure that the inputs, which go into the industry, are first class.
GSB