Gold revenue in Ghana is expected to soar following a new deal between the Precious Minerals and Marketing Company (PMMC) and British gold firm Baird & Co. Ltd.
The agreement will see international gold firm Baird set up an international gold assay center in Accra. The centre when set up is expected to help determine prices of Gold according to international standards. Ghana has lost over 6 billion dollars in the last 10 years due to illegal smuggling of gold and understating of gold exports by mining companies.
Baird and Co. Ltd is which is a full member of the London Bullion Market Association(LBMA) will lend its financial support and technical expertise to PMMC in raising the standard of gold exported out of Ghana. Board chair of PMMC, Kiston Kissi who signed the agreement on behalf of PMMC told Starr Business all gold exported from the country will be accounted for.
According to him, the agreement will see Ghana become a recognized player in the Gold business.
The Centre which will be located in the Kotoka International airport zone will be equipped with the latest industrial equipment for its operations. The facilities will be led by operational and technical experts provided by Baird working in conjunction with PMMC personnel. Over the medium term, Baird will provide training to PMMC staff so that they acquire the requisite technical experience to run the facility.
Executive director of Baird & Co. Ltd, Lorena Baird on her part said the centre will provide data to the Ghana Revenue Authority to track the quantity of gold exported to generate the needed revenue. She added that as an integral part of the gold producing process, providing third party reassurance and endorsements for producers, investors and government alike.
She expressed positivity about the investment adding the centre will provide all the assay and analysis services required by the PMMC, and at a later stage, serve as a centre for excellence for gold in the West Africa Region.
Source:Starrfmonline.com