Curbing Ghana's Exports of Raw Gold....Ghana GoldBod-SAM Refinery,Dubai Join Hands -

Ghana’s GoldBod and SAM Precious Metals,Dubai,UAE, headquartered premier precious metals refinery are joining hands in order to position Ghana as a gold processing hub

This was disclosed by Sammy Gyamfi,CEO,Ghana GoldBod during a recent interview with Joy News’ PM Business Edition interview in Accra

Mr.Gymafi,Joy News said was emphatic that this is part of a broader push to end the export of raw minerals and also adding that, the shift from exporting raw gold to refined products is already underway.

“We are going to be decreasing the quantity of raw gold that we export, and will rather be increasing the quantity of refined gold. The process has already started. This is not a promise, it is not something we are going to do, it is something we are doing,” he said.

He explained that the Gold Board is leading the transition through the small-scale mining sector, in line with President John Mahama’s broader vision.

“Yes, which is the small-scale gold. We are leading by example, but you see, the president’s vision is to ensure that by 2030 no mineral will leave Ghana in this raw state, and he has announced that boldly,” he stated.

Mr Gyamfi dismissed concerns about capacity, insisting leadership and policy direction are key.

“Yes, it’s all about leadership. You see, leadership is the cause; everything else is the effect. The president has made that bold declaration. He has put in place the right systems, the right people to get it done, and we are not going to let him down,” he said.

He revealed that Ghana is in advanced talks with a major international refinery player.

“So aside, what we are doing with Gold Coast refinery, we are in the process of signing an MOU with the third biggest refinery in the whole of the world, SAM refinery, I’m sure you’ve seen pictures of me at SAM refinery already, and they are interested in coming into Ghana,” he disclosed.

According to him, plans are underway to build a large-scale refinery near the airport enclave in Accra.

“We are securing three acres of land within the Accra International Airport precinct, where we are going to build a 600-ton capacity refinery. And we are doing this with the other partners as well,” he said.

The project, he stressed, will rapidly expand Ghana’s local refining capacity.

“And this refinery is going to ensure that at least all the small-scale goods we are able to buy 100 tons, 120 tons, we can refine all of them locally. So we are enhancing that local refining capacity within the shortest possible time,” he added.

Mr Gyamfi indicated the project timeline is aggressive.

“And this project is not a long-term project. It’s not a medium-term project. It is a short-term project. And very soon, we will be giving you more details about the signing of the MOU, the commercial agreement and then the sword cutting. And we hope to start this year and to finish by next year,” he said.

He added that the refinery will go beyond domestic needs and position Ghana as a regional processing centre.

“And this is going to ensure that at least all the small-scale gold that we produce is refined here. Then we will even have additional capacity to absorb the large-scale gold. And we will even have additional capacity to absorb gold from the sub-region, from the continent and from other parts of the country,” he noted.

Sammy Gyamfi also highlighted plans to move beyond refining into value-added manufacturing.

“But you see, when it comes to value addition, it’s not just about refining your gold. Refining your gold is good; the silver stays here, the refining charges stay here, and jobs are created.

“You reduce your purity losses, you optimise value, and all that, brilliant. But we need to move from local refining to the next stage, which is fabrication,” he said.

He pointed to ongoing efforts to grow the jewellery industry.

“Using the refined gold to fabricate gold ornaments, jewellery, and the rest. And you can see a lot of work being done by the Gold Board in that area,” he added.

Mr Gyamfi said the Board has already invested heavily in its jewellery subsidiaries

“When we came into office, our subsidiary PMMC jewellery was in a very bad state, but in the short time that we’ve been here, we’ve injected over GH¢50 million into that company, rebranded it, transformed it into Gold Board Jewellery, and it is doing wonders all over the place,” he said.

He revealed ambitious expansion plans under government direction.

“We have plans to open branches in all regional capitals. The President has told us to do that. He’s also told us to build what is going to be known as the Golden Kilometre Project,” he stated.

The initiative, he explained, will transform part of the capital into a jewellery hub.

“….which is going to be a whole kilometre stretch of a major road in the capital city, where you’re only going to have jewellery shops and gold ornament shops, like a mini gold souk as you have in Dubai,” he said.

Sammy Gyamfi said the impact of these reforms is already visible.

“So we are not only pursuing value addition in the form of local refining, but under the instructions of the President, we are also working to promote the fabrication industry, and Gold Board is leading by example,” he said.

He added that the jewellery business is recording strong growth.

“Actually, last year, I can tell you that the total revenue for that company was GH¢65 million, jewellery that we sold in Ghana. We’ve manufactured it, and we sold it locally, and this year, we are projecting almost GH¢140 million based on the investments that we have made,” he concluded.

SOURCE

Joy News