The Chairman and Chief Executive Officer of the Gold Coast Refinery, Dr. Said Deraz has assured that only gold from responsible sources will be refined in a bid to align with their commitment to ethical practices.

This move supports Gold Board efforts to strengthen its gold value chain and promote local industry.

The Ghana Gold Board has insisted it only buys gold from responsible and ethical sources while cracking down on smugglers.

According to Dr. Said Deraz, it will be ethically prudent to support GoldBod’s resolve to purchase gold from legitimate sources for the refinery operations.

He was speaking at the signing of a gold refining agreement between the Ghana Gold Board, Gold Coast Refinery and Rand Refinery.

“Gold Coast Refinery has all the facilities that meet international standards, it has all the capacity to process up to one hundred metric tonnes of gold yearly. We hold the necessary license to refine gold from Africa and responsible sources including those by the Ghana Gold Board,” he said

The partnership between the two institutions marks an important step in strengthening Ghana’s gold value chain, enhancing local refining capacity, and advancing the country’s broader industrialisation agenda.

Dr. Deraz applauded President Mahama whose tenure the refinery was established and his resolve to make it operational upon his second coming.

“Our vision was borne from His Excellency during his first term, the Gold Coast Refinery was completed and commissioned by him in November 2016 and now it’s here to support GoldBod’s drive to add value to the country’s gold,” he said

The Gold Coast Refinery was established to promote growth in Ghana’s gold industry and support government macroeconomic management efforts.

Its main purposes include processing raw gold dust, scrap gold, and other precious metals to achieve high purity levels up to 99.9 support.