The Ghana Standards Authority (GSA) has held a strategic meeting with the Ghana Gold Board (GoldBod) to explore a partnership aimed at rolling out a comprehensive national gold scales calibration programme.
The initiative seeks to standardize measurement practices across the country’s gold trading ecosystem, promoting accuracy, fair pricing, and greater transparency within the value chain.
According to GSA officials, the nationwide calibration effort aligns directly with GoldBod’s core mandate and has the potential to significantly reduce discrepancies in gold valuation.
They noted that inaccurate or uncalibrated scales currently contribute to losses estimated between 2–5% in measurement errors across the sector.
“With Ghana’s gold exports valued at approximately US$5.9 billion annually, these discrepancies translate into potential losses of US$118 million to US$295 million,” the GSA team highlighted during the meeting.
The Authority further explained that standardized measurements will establish a unified framework across all regions where GoldBod operates, ensuring consistent and reliable gold valuation from small-scale miners to major refineries.
They added that the initiative will also reinforce Ghana’s adherence to international best practices, strengthening GoldBod’s credibility with the London Bullion Market Association (LBMA) and other global trading platforms.
“This project supports GoldBod’s regulatory oversight by providing verifiable calibration records and certification for all gold trading points,” the GSA representatives noted.
GoldBod, for its part, expressed strong enthusiasm for the partnership and the far-reaching benefits the initiative stands to bring to the sector.
The team reaffirmed the Board’s commitment to working closely with GSA to implement what they described as a transformative intervention for miners, buyers, and the broader gold ecosystem.
The Ghana Gold Board which was established by an Act of Parliament has the mandate to ensure transparency and fairness in gold trading, regulate and supervise gold trading activities, among others.
