Ghana is missing out on international gold trade – UK Trade Envoy
Baroness Catherine Hoey, UK Prime Minister’s Trade Envoy to Ghana, says the lack of international certification in gold trade is making it difficult for countries to directly buy gold from Ghana.
She said the UK had interest in buying gold directly from Ghana but the country could not do so due to the lack of London Bullion Market Association (LBMA) certification.
Bareness Hoey made the remarks when she paid a courtesy call on Mr Samuel Abu Jinapor, Minister of Lands and Natural Resources at his office in Accra on Friday, February 25, 2022.
The LBMA is the international trade association for the global Over the Counter (OTC) bullion market for precious metals.
The Organisation works with miners, investors, fabricators, refiners, manufacturers, consumers and central banks from around the world, acting as the voice of the world’s precious metals market, and the contact point for regulators, investors and clients.
Bareness Hoey urged Ghana to work towards securing the certificate to facilitate gold trade between Ghana and the UK.
“UK can’t buy gold from you directly. We always have to go to Dubai. The whole idea is to get accreditation for Ghana…It seems you’re missing out on a lot of money and we need you to get the certification,” she said.
Bareness Hoey said the UK was also exploring investment opportunities in Ghana’s tourism space among other trade areas.
“We want to get more UK tourists to come to Ghana,” she said.
Mr Jinapor said the LBMA certification was a priority for the Government, adding that the absence of the certificate was hindering Ghana’s ability to participate in the entire gold value chain at the global level.
He said securing the LBMA certification had been difficult for the country due to the cumbersome nature of the requirements set by the Organisation.
Mr Jinapor said the Government had set up a committee to explore ways the country could attain the certificate.
“A committee has been set to try and navigate this LBMA but it’s been really difficult. For instance, the LBMA outfit insist that the refinery must have worked continuously for three years, and they must satisfy certain requirements.
“The question is, if you don’t give them the authorisation to sell to the market you ask them to sell, how do they fulfil this three-year mandatory requirement?”
Mr Jinapor said the appointment of Bareness Hoey as Trade Envoy to Ghana would bolster the trade relations between Ghana and the UK and called for more engagements to strengthen the relationship.
Source: GNA