Govt plans to establish a marketplace for manufacturing, marketing of gold articles – Jinapor

Minister of Lands and Natural Resources Samuel Abu Jinapor has said that discussions are ongoing with Rand Refinery of South Africa, a London Bullion Marketing Association (LBMA) referee, to secure LBMA certification to facilitate the export and trade of refined gold on the international market.

He also said the government plans to establish a Gold Souk, a marketplace for manufacturing and marketing of gold articles, in the country

He also that the jewellery subsidiary of the Precious Minerals Marketing Company (PMMC) was able to produce gold tablets, engrave and plate jewellery “a major boost for their work”.

“Going forward, the plan is to establish a Gold Souk, a marketplace for manufacturing and marketing of gold articles, here in the country,” Mr Jinapor said at a press conference in Accra on Tuesday, February 28.
On the issue of illegal small-scale mining (Galamsey) Mr Jinapor has said that tracking of excavators has been identified as one of the most effective ways to tackle the menace.

He said it also repositions the small-scale mining sector as a sustainable source of livelihood for local people.

He said the Minerals Commission will install tracking devices on 4,000 excavators and earthmoving equipment as the government scales up the fight against galamsney.

After successfully tracking 75 excavators for the past three months, the commission was better placed to bring on board 4,000 excavators and earthmoving equipment before the end of the year.

The minister said it was in line with that that the government reduced withholding tax on unprocessed gold by small-scale miners, which was introduced in 2015, from three per cent to 1.5 per cent.

“This has resulted in a massive increment in gold exports from small-scale mining from 3,429.91 kilogrammes (Kg) in 2021, to 22,158.25kg in 2022.