[ 2014-09-28 ]

Government to establish two gold refineries
Worcester, Massachusetts, Sept 28, GNA - President
John Dramani Mahama on Saturday announced that
Government would establish two gold refineries to
process and add value to the country's gold before
exporting.

He said the establishment of the refineries would
not only give the country better value for its
gold, but would also create job opportunities for
more Ghanaians who would be employed in those
refineries.

President Mahama announced this when he addressed
the Ghanaian community at Worcester in Boston,
Massachusetts, as part his 10-day official visit
to the United States of America.

Since his arrival, President Mahama had addressed
the 69th Session of the United Nations Assembly,
attended and participated in crucial debates
pertaining to the economy and governance, held
bilateral discussions and engaged the business
community with the hope of wooing them for
investment in Ghana and Africa.

President Mahama explained that while one of the
refineries would be funded by the Precious
Minerals Commission, the other one was a foreign
direct investment to add value and avoid the
perennial exportation of gold in its raw form.

The processing of the gold before exporting, he
said, would reduce the risk of losing millions of
cedis in the event of any fall of gold prices on
the international market.

President Mahama said the refineries would also
encourage mining companies to carry out their
activities throughout the year, unlike the current
state when most of them shut up anytime there were
falls in prices of the commodity on the
international market.

He said, currently, the proceeds of Ghana's oil
was negligible since the whole of last year the
country earned a total of $700 million, which was
comparatively lower than cocoa and gold.

Answering questions on corruption in Ghana,
President Mahama challenged all Ghanaians to be up
standing against the practice that had become a
canker in the Ghanaian society.

He attributed the situation to institutional
weakness that had created loopholes for
individuals and organisations to take advantage
of.

President Mahama said Government was reviewing the
procurement laws to reduce the sole sourcing
contracts where the malpractices and corrupt
activities were envisaged to be emanating from.

On wastage in the Ghanaian system, President
Mahama said he had directed the Chief of Staff to
write to all organisations asking them to feed the
Presidency with the housing system for their chief
executives and their management staff.

He said it was only after receiving reports from
various organisations that his administration
would be in the position to determine how to
handle and avoid waste in the public sector.

He said he had ordered that pre-paid electricity
metres be installed in the houses of all
government appointees, where they would be
compelled to pay for their utility bills.

Professor Kwamena Panford, a leader of the
community, commended President Mahama for
recognising their presence in Boston.

He said they had a strong and vibrant association
that had, over the years, compelled members to
contribute in all forms towards the socio-economic
development of their villages and communities in
Ghana.

Source - GNA

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