Ghana to unveil its first ever hallmarked gold bar

The Ghana Standards Authority (GSA) will reveal the countrys first hallmarked gold bar on Tuesday, November 27, 2018.

The authority will as well issue a certificate of the gold bar to the Accra-based Gold Coast Refinery Limited.

This issuance or the mark that will be laid on the product by the GSA will indicate that the product meets a distinct set of requirement and it also carries a reference number or name of the relevant product standard against which the product has been certified.

A statement released by the GSA on Tuesday, November 20, says the issuance is 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 authority further explained that the certification of gold refined in Ghana for trading on the international bullion market had three major benefits for the country which will firstly add value to raw gold resources. Secondly, it will help to address the low incomes derived from the export of raw gold and finally help to properly account for gold exported from Ghana as the actual values of the gold will be established before export.

The Gold Coast Refinery Limited is the first Refinery in Ghana to be given license to hallmark refined bullion of over 995 purity, and to also market and sell its finished products, including value added bars and medallions on the local and international bullion markets.

The statement said, “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.”

It further revealed that, the policy initiated is aimed at adding value to raw materials in the country which for some time has not been realized.

Ghana is the second largest gold producer in Africa and the 10th largest in the world meanwhile, has been a major gold producer over many decades and has remain a primary producer and exporter of raw gold.

What the GSA does

The GSA was set up to ensure the output of high-quality goods produced in Ghana, whether for local consumption or for export; promote standardisation in industry and commerce.

It also promote industrial efficiency and development; and also, promote standards in public and industrial welfare, health and safety.