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Ghana’s gold goes blockchain

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Gold from various sources can now be traded with blockchain technology. Image credit: Wikimedia Commons

Ghana’s gold goes blockchain

For the first time in Ghana’s mining history, Minexx, in collaboration with Solidaridad, a civil society organisation, has successfully exported 11.62 grams of gold fully traced with Minexx’s blockchain technology platform from the Obeng Mine in Ghana.

The gold was exported via trader HA Exploits Ltd. to the international market.

According to Marcus Scaramanga, CEO and co-founder of Minexx, Ghana is now the largest gold producer in Africa, which makes it significant for this landmark to have happened here.

“Minexx is connecting local responsible miners to responsible buyers on the international market, adding that the milestone kick-starts his organisation’s growth and scaling in Ghana.  

“It is more important than ever that we moved with pace, leveraging technology to provide solutions to the challenges the world faces and to play our role in delivering benefits to all in the supply chain — from the artisanal and small-scale miners through to the consumer. This breakthrough in Ghana is another important step in this journey,” says Scaramanga.

Rolling out the blockchain platform

Over the last six months, in partnership with Solidaridad, Minexx has worked with a number of mining companies, including the Obeng Mine, gold traders and officials of the Ghana government, to roll out its blockchain platform. All mining sites involved in the programme have been carefully selected after rigorous and thorough due diligence and undergo regular monitoring.

“As an organisation promoting responsible practices in artisanal and small-scale mines in Ghana, Solidaridad is extremely excited to see responsibly produced gold being fully traced from mines it supports to the market,” says Isaac Gyamfi, Regional Director for Solidaridad West Africa

“We will continue to support mines to meet the CRAFT Code requirements and use the Minexx traceability platform to trace the gold produced right from the mines to the international market, thereby giving assurance to consumers that the gold is coming from a responsible source — respect for human rights, health and safety of workers, and good environmental management, among others.” Isaac added.

Since 2018, Solidaridad has been supporting the Obeng / Daakye Mine, a small-scale open pit mine located in the Western region of Ghana, founded in 2012, to transition from its conventional mining practices to a sustainable and responsible one. At the maiden Responsible Small Scale Mining Awards held in December 2021, the mine won the National Overall Small-scale Mining Award for 2021 for producing gold responsibly.

“With the support of Solidaridad, responsible and sustainable mining has become the hallmark of our operations. We will continue to give priority to the safety of our employees and also ensure good environmental management,” says Stephen Baidoo, General Manager of Obeng Mine.

Nana Akwasi Awuah, Managing Director of the Precious Minerals Marketing Company in his recent article on illegal mining in Ghana, said “As a gold producing country, responsible sourcing is crucial for Ghana if the country is to obtain full value for its precious mineral.”

Minexx unlocks the small-scale mining opportunity for mines, mineral buyers, and government. Their Responsible Minerals Platform is at the heart of the solution shifting small-scale mining to a transparent digital environment where it pays to act responsibly. For miners this means they benefit from market access, capital, and expertise. The platform is powered by Finboot’s MARCO blockchain platform and deployed in a number of Sub-Saharan African markets. In 2021, Minexx, in a world first, exported minerals from the Democratic Republic of Congo (DRC), processing USD250 000 of digital, blockchain certified payments.

This comes at a time when the LBMA announced the planned expansion to include verified sources of artisanal and small-scale gold, which accounts for 30% of global production worldwide.

Ghana’s gold goes blockchain

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Ghana’s gold goes blockchain

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