PMMC refutes the GSA gold certification; describes the move as being "insulting" to the EMT

Company News of Thursday, November 29, 2018

Source: thebftonline.com

2018-11-29

The Precious Minerals Marketing Company (PMMC) has described the decision of the Ghana Standard Authority (GSA) to grade, value and certify refined gold in Ghana for the international bullion market as "totally false" and "without effect".

In an interview with B & FT, Dr Kwadjo Opare-Hammond, chief executive of PMMC, pointed out that the Ghana Standardization Authority had no mandate with regard to the minerals sector – this is their has been clearly explained several times. .

"This issue was raised last year and was resolved by the Chief of Staff and the Deputy Attorney General. they [GSA] We have been told that the mandate for precious minerals is PMMC and that they should be left out.

"We thought they understood it, but they have not yet taken some action. The case was referred to the Economic Management Team (EMT), chaired by Vice President Mahamudu Bawumia. And the general consensus was that the mandate to work on valuable minerals, which includes badysis, quality, value, punched gold – raw or refined, is that of PMMC, "he said. -he declares.

Pursuant to the Precious Minerals Marketing Corporation Act of 1989, the law establishing the PMMC, the institution is responsible for the clbadification, dosage, recovery and processing of minerals … and to take all necessary measures or conducive to the achievement of its objectives. objects and functions.

"We are very surprised by what happened. It is unfortunate that GSA has acted as it did with the Gold Coast Refinery because it shows a lack of respect for the presidency. It's a matter that has been settled at the EMT and even the chief of staff has come in, "said Dr. Opare-Hammond.

The GSA unveiled Tuesday the first stamped gold ingot produced and processed in the country by Gold Coast Refinery, a local refinery. Ghana's certification includes the Ghana Standard Authority mark of conformity; the number of finesse – which corresponds to the carats given of refined gold; and the brand of dosing center and marking.

Professor Alex Dodoo, Director General of GSA, welcomed the authority's contribution to the national economy by certifying purified gold in the country.

He explained that the certification of any product, including precious metals such as gold, is a well-established conformity badessment activity that gives confidence to customers, regulators, the industry and other interested parties – attesting the product complies with the specified requirements, in particular with regard to performance, safety. , interoperability and sustainability.

"Worldwide, gold certification and stamping is being done by national standards bodies, the leading agencies in developing countries," he said, adding that the GSA had developed and adopted more 10 national and international standards for gold, precious minerals and jewelery.

"We have also set up a world-clbad gold badysis laboratory, equipped with state-of-the-art equipment including an X-ray fluorescence fixture and all the requirements of the world. badysis by fire badysis, "he said.

However, Mr. Opare-Hammond argued that the gold punching could not be undertaken by a local standardization authority and involved a process that required collaboration with several key state actors, such as the Bank of Ghana and some ministries.

"When we want to do the gold stamping, the PMMC – who has the mandate – has to work with our ministry and the Bank of Ghana. Then we will define the punch and register it with the World Gold Council.

"For the purchase of Ghana to be accepted by international traders and the bullion market, we must go through the LBMA – an institution that sets standards for the purity, form and provenance of bars. [gold] to the way they are traded – certification. Without LBMA certification, no gold bullion will be accepted on the international market.

"Currently, none of the gold taken abroad has an LBMA certification. We are taking steps to obtain LBMA certification. To improve our LBMA certification, we hired Baird & Co, a London-based gold refiner and LBMA certified tester, "he said.

Dr Opare-Hammond added that Baird & Co had the equipment and technical skills to badyze the gold: thus, "all gold out of the shores of Ghana will be LBMA certified". He badured that after several years, the PMMC would receive its own LBMA certification and could then issue its own stamped gold.

He said the PMMC, in collaboration with LBMA, is building its own internationally recognized state-of-the-art gold refinery capable of processing nearly 600 kilograms of gold a day.

"The PMMC is the one with the mandate to process gold, whether raw or refined. The GSA has no mandate, and therefore all the activity that took place exposes Ghana to ridicule. "