The Minister of Lands and Natural Resources, Samuel Abdulai Jinapor, has commended Asantehene Otumfuo Osei Tutu II for the pivotal role he plays in the social, political and economic development of the country.
At the launch of the Otumfuo Commemorative Gold Coin at Manhyia Palace, Kumasi, on December 12, 2021, the Minister partly attributed the enduring peace and stability in Ghana to the untiring efforts the Asantehene.
“…it is needless to point out that since ascending to the revered Golden Stool, on 26th April 1999, His Majesty has played a pivotal role in the social, political and economic development of our country. Undoubtedly, the enduring peace and stability we are enjoying in the Fourth Republican dispensation can be attributed, in part, to the untiring efforts of our beloved King, Otumfuo Osei Tutu II.
“It is, therefore, fitting, that, we have come from all walks of life, and from far and near, to honour the Asantehene for his contribution to the growth and development of Ghana, through this innovative, memorable gold coin,” Mr Jinapor said.
He indicated that gold is regarded as sacred, to be used only for the good of the community, and, having regard to the history of gold in the Asante Kingdom, it was a better means of celebrating a King dedicated to national peace and cohesion.
“Your Majesty, the Ministry of Lands and Natural Resources, through the Precious Minerals Marketing Company Limited (PMMC), led by its hardworking Managing Director, Nana Akwasi Awuah, is pleased to be associated with such a historic event,” he said.
According to him, the partnership between Otumfuo and PMMC is in accord with the far-sighted vision of President Nana Addo Dankwa Akufo-Addo to transform the economy, which is dependent on the production and export of raw materials, to a value-adding, industrialised, and prosperous economy.
“Government is already working to improve and strengthen the jewellery industry in our country. We have commenced discussions on creating a central market place for jewellery, along the lines of the Dubai Gold Souk. The addition of these gold coins, embossed with the image of His Royal Majesty, will go a long way to help support our efforts to promote the jewellery industry.
“We are putting in place measures to ensure the sustainability of the industry. In 2017, we commenced the National Assay Programme, to monitor, effectively, gold exports from both large and small scale mining. And, this year, we have digitalized the National Assay Laboratory at the Kotoka International Airport, to enable us monitor, in real time, all gold exports from the country,” he added.
The Minister also announced that government, through the PMMC, supported the establishment of Ghana’s first state-owned gold refinery under a Public-Private Partnership (PPP).
“The refinery, when operationalised, will have a daily capacity to process some four hundred kilogrammes (400kg) of gold, and, thankfully, work on this important project is ninety percent (90%) complete. Our goal is to retain, refine and process all gold mined in Ghana into bullions and jewellery,” he noted.
Processes & measures
He disclosed that his Ministry, with the Ministry of Finance, and other stakeholders had commenced the processes of securing a London Bullion Market Association (LBMA) certification to enable the country easily export and trade refined gold on the international market.
He said under the leadership and co-ordination of Vice-President Mahamudu Bawumia, the Bank of Ghana had commenced the purchase of Ghanaian gold to shore up its reserves, thereby contributing to the retention, here in Ghana, of the value of our mineral resources.
He said the government is determined to invoke the pre-emptory right of the state, pursuant to section seven (7) of the Minerals and Mining Act, 2006 (Act 703), to make gold readily available in Ghana.
“Ladies and Gentlemen, Government is taking these measures together with our local content policy. This will ensure that our mineral resources are utilised for the benefit of the people of Ghana who the true owners of these resources,” he added.