The Ghana Standards Authority (GSA), will unveil the country’s first hallmarked gold bar and issue certification to Accra-based Gold Coast Refinery Limited on the 27th of this month.
The issuance of a certificate or mark on a product by the Ghana Standards Authority demonstrates that a specific product meets a defined set of requirements.
A statement from the GSA says the certification mark is normally found on the product packaging and may also appear on the certificate issued by the certification body.
It said the mark carries a reference number or name of the relevant product standard, against which the product has been certified.
The certification of gold produced by Gold Coast Refinery Company Limited is the first hallmarked gold produced in Ghana.
It is a very significant milestone in the history of gold production in the country and marks the beginning of a new era in Ghana’s gold sector.
The certification of gold refined in Ghana for trading on the international bullion market will add value to the raw gold resources, help to address the low incomes derived from the export of raw gold and properly account for gold exported from Ghana as the actual values of gold will be established before export.
The Gold Coast Refinery Limited is the first Refinery in Ghana to be awarded license to hallmark refined bullion of over 99.5 purity and to also market and sell its finished products, including value added bars and medallions on the local and international bullion markets.
The gold sector is very important to the economy of Ghana, because of its contribution to the country’s Gross Domestic Product (GDP) over the years.
Ghana is the second largest gold producer in Africa and the 10th largest in the world. The country has been a major gold producer over many decades. However, it remains a primary producer and exporter of raw gold.
Policy initiatives aimed at adding value to raw materials in the country have largely not been realized and the continuous export of raw gold denies the country of all associated benefits, including by-products of refining such as silver, platinum and palladium.
