Ghana, South Africa To Collaborate On Gold Pricing

The Minister of Lands and Natural Resources has underscored the importance of Ghana–South Africa relations and the need for the two countries to collaborate and strengthen the bargaining position on gold pricing inorder to get a competitive value for gold on the international market.

According to Samuel A Jinapor, it is important for the two countries to work closely and secure what he called the “floor price” of gold in the international market, just asGhana and Cote d’Ivoiredid for the cocoa sector.

“Ghana and Cote d’Ivoire are responsible for 60 percent of cocoa output and the two countries have worked closely to secure what we call the floor price of cocoa and therefore today there is a minimum price level, regardless of what happens at the international stage where cocoa cannot be sold below a certain price,” he said.

The minister stated this when a high-level delegation from South Africa called on him on Monday, December 5, 2022, to, among others, exchange ideas and best practices on the mining sector, particularly small-scale mining operations in the country.

He noted that, Ghana and Cote d’Ivoire are taking a step further and working jointly to get the international community to take out the issue of premium.

Mr. Jinapor, who doubles as the Member of Parliament (MP) for the Damongo Constituency, was of the view that the move by Ghana and Cote d’Ivoire in the cocoa industry could be replicated by Ghana and South Africain the gold sector.

The Ghana government, the minister said, is doing all it can to come to grips with illegal mining,otherwise called“Galamsey,” in Ghana, “Prospecting” in Australia, and “Zama zamas”in South Africa.

On her part, Major General Zulu,who led the South African delegation, applauded Ghana, for allowing her country’s top principals to engage them, while they are on their knowledge sharing tour in the country, adding that the President of the Republic of South Africa has tasked them to use Ghana as benchmark to yield broader results.

She further stressed that Ghana’s small-scale mining sector is focused on improving the lives of the community, as well as the economic sector.

Ghana and South Africa are lead producers of gold in Africa and relations between the two countries date back to pre-colonial times, as both countries are members of African Union and the Commonwealth of Nations.

Source: Anchorghana