LBMA Partnership Opens Global Markets for Ghana’s Miners

Small scale miners in Ghana may soon tap into new international markets, following a potential collaboration between the Ghanaian government and the London Bullion Market Association (LBMA), under the auspices of the UK-Ghana Gold Programme (UKGGP).

From their press statement, released on Wednesday 5June,2024, Nana Akwasi Awuah, Managing Director of the Precious Minerals Marketing Company Ltd (PMMC), stated that LBMA Certification would greatly enhance their efforts to promote responsible sourcing and, by extension, responsible mining, ultimately ensuring that Ghana fully benefits from gold as a critical mineral resource.

“LBMA Certification would significantly bolster our efforts to promote responsible sourcing and mining, ultimately ensuring that Ghana maximizes the benefits from its gold resources,” he stated.

According to the statement , the presence of Gregory Mthembu-Salter, a consultant from the LBMA, in Ghana to meet key stakeholders, including governmental bodies, the Ghana National Association of Small-Scale Miners, gold traders, and exporters, could open a market worth over $1.5 billion for small-scale gold miners in Ghana.

“We are here on a two-week mission to further the LBMA’s goal of its Good Delivery List (GDL) refiners sourcing legally and responsibly mined artisanal and small-scale gold from Ghana,” said Mthembu-Salter.

“The government’s commitment to responsible mining is commendable, and significant progress has already been made. GDL refiners are dedicated to progressive improvements in their supply chains, enhancing miners’ lives and incomes while mitigating environmental impacts.

“Supplying to the GDL offers Ghanaian producers access to formal global markets but requires a commitment to legal and responsible mining practices.
We are confident many are ready to meet this challenge and look forward to engaging with them”, he added.