Executive Director of the Ghana Gold Expo Foundation, Dr Stephen Ackah, has called on the Ghana Gold Board (Goldbod) to prioritise ensuring compliance within the country’s gold trade.
According to Dr Ackah, the lack of proper adherence to compliance standards is one of the major factors hindering Ghana’s gold industry from reaching its full potential.
Speaking during a discussion on JoyNews’ Newsfile programme on Saturday, Dr Ackah emphasised the importance of focusing on compliance to help improve the country’s gold trade, which is one of its primary commodities.
Despite Ghana’s significant gold production, he pointed out that the country’s small-scale mining sector faces significant challenges due to the negative perception surrounding its gold.
“We want to see how the Goldbod can support the compliance nature of the gold trade in Ghana, which we are not currently seeing,” Dr Ackah said.
He added “Ghana’s gold is sent all over the world, but I can tell you that none of the LBMA (London Bullion Market Association) refineries have ever accepted small-scale mining gold, all because of the tag that we have.”
Dr Ackah explained that the lack of certification and compliance within the small-scale mining sector has led to Ghanaian gold being stigmatised.
This stigma, he argued, creates an unnecessary barrier for the country’s gold to be accepted in international markets, ultimately limiting the sector’s potential for growth.
“If there is a tag on an asset, which is the number one commodity in our country, and you go to the outskirts of Ghana and this set of tag is on you, then how are you going to achieve your balance of payments?” he questioned, highlighting the long-term economic consequences of this issue.
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