Management of the Precious Minerals Marketing Company Ltd. (PMMC) says after successfully installing the needed equipment at its ultra-modern laboratory, it has officially commenced the examination, determination and analysis popularly known as assaying of all gold for export by both the small and large scale miners in the country since 2018.
Acting Managing Director of PMMC, Venance Dey who is so much impressed about the operations of gold assay laboratory at the Kotoka International Airport (KIA), noted that the equipment installed include Xray Fluorescence (XRF) Spectrometer; Electrical Conductivity Tester for Gold; Technical Specifications for Ultrasonic Flaw Detector; Specific Gravity Frame for Density Determination, among others.
He maintained that with this project in place, the spate of gold smuggling that hitherto had bedevilled the country, is being checked and blocked, and this thereby enhances revenue generation for the government, thereby going a long way in the development agenda of the country.
Mr Dey mentioned that in November of 2016, PMMC was appointed as the National Assayer of all gold produced in the country by both small and large scale miners before exports while ceding its role of buying, selling and shipping gold to Licensed Gold Exporters.
“With this mandate, it means that for the first time in the history of Ghana’s gold mining, there is an institution that is mandated to assay gold from the mines before export, thereby bringing sanity in the system as the values and volumes of bullion of gold are now put a check,” he opined.
The Ag. MD disclosed that the Minerals Commission, through the Sector Ministry, Lands and Natural Resources secured funding from the World Bank to put up the state-of-the-art facility at the Aviance Village of the KIA and then handed it over the PMMC to operate. Mr Dey said since the completion of the work, the company has been assaying gold leaving the shores of the country with little or no obstacles.
He noted that the project, therefore, brings transparency and accountability in the processing of gold, which makes it possible for all information on the gold to be documented, stressing that it would enable the government to verify the true value of gold export and this would reduce the problem of money laundering in the gold business.
“After the assay, the values are recorded as against the sample weight and this is used to compute the final value of the bullion shipment. At the final destination of the gold, PMMC’s value is reconciled against that of the value of the refinery at the destination to arrive at the final value for the bullion by both the mines and PMMC. This enables PMMC to compute revenue generation, and as such reduces the instance of parent companies in the incidence of under-invoicing,” he explained.
He contended that the move is going a long way to shore up the country’s earnings from abroad and help reverse the declining value of the cedi against the country’s major trading currencies since there would be enough dollars in the system.
“Revenue would be enhanced as exporters are obliged to repatriate 70 per cent of export value earned of the gold. The repatriation policy would be effectively implemented, and this would ensure that there is enough dollar in the country, which at the end of the day would make the cedi perform creditably against the foreign currencies,” Mr Dey maintained.