GSA to certify Ghana’s 1st hallmark gold bar on Nov. 27

Gold Coast Refinery Limited (GCRL) will receive its certification from the Ghana Standards Authority (GSA) on Tuesday, November 27 while unveiling the country’s first hallmarked gold bar.

GCRL operates a modern and well-equipped gold refinery; located at the Kotoka International Airport (KIA) and has a daily production capacity of 600kgs per shift of eight hours.

A statement from the GSA explained, the certification of gold refined in Ghana for trading on the international bullion market had three major benefits for the country including adding value to our raw gold resources, help address the low incomes derived from the export of raw gold as well as properly account for gold exported from Ghana as the actual values of the gold will be established before export.

Ghana had remained a major gold producer for decades; however, it remains a primary producer and exporter of raw gold. It is hoped the certification marks the beginning of a new era in Ghana’s gold sector.

The Gold Coast Refinery Limited is the first refinery in Ghana to be awarded 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.

It has experience in gold bullion trading, refining & gold jewellery manufacturing as well as wholesale.

The issuance of a certificate or mark (or both) on a product by the Ghana Standards Authority demonstrates that a specific product meets a defined set of requirements for that product.

Ghana is the second largest gold producer in Africa and the 10th largest in the world. It is the largest gold producer in West Africa with 70T produced in 2003 increased by 46% to 222,762 oz (6,929 kg). The company sources gold in the country from small and medium-scale producers which would be grouped into cooperatives to improve on their management skills, as well as productivity.

Gold Coast Refinery Limited has the capacity to process raw materials into top quality branded precious minerals/gold for the African region. Its investors are Banking and Financial Services (BAFIS) sa and Euroget Group of Investors as well as local shareholders.