Business
Ghana Aims for the Gold Standard: LBMA Certification Quest Set to Reshape Africa’s Bullion Landscape
In a secure vault within the Gold Coast Refinery, the first bars of locally refined artisanal gold gleam with more than just intrinsic value.
They represent the cornerstone of Ghana’s ambitious bid to become the first sub-Saharan African nation, outside of South Africa, to produce London Bullion Market Association (LBMA)-certified gold—a move that could position the continent’s top producer as its undisputed gold standard setter.
The quest for this prestigious certification was the unspoken headline during a high-profile tour this week, where Finance Minister Dr. Cassiel Ato Forson and Ghana Gold Board CEO Sammy Gyamfi Esq. inspected the historic first batch of refined gold from the artisanal and small-scale mining (ASM) sector.
“This refinery has been tasked to ensure that they obtain an LBMA license,” declared Dr. Forson, standing amidst the refinery’s humming machinery. “So that Ghana, for the first time, will be able to stamp our gold as LBMA approved.”

The statement, seemingly technical, signals a tectonic shift. LBMA’s “Good Delivery” list is the global benchmark for quality and integrity in the gold market. It is a non-negotiable passport for gold to be traded freely on the international terminal markets in London and New York, commanding premium prices and instant trust from central banks and institutional investors.
From Raw Export to Premium Product
For decades, Ghana has been a paradox: the continent’s leading gold producer, yet a net exporter of raw, unrefined precious metal. The vast majority of its gold, particularly from large-scale industrial mines, has been shipped overseas for refining and certification, ceding value, jobs, and critical market control to foreign entities.
The newly operationalized Ghana Gold Board is spearheading a reversal of this model. By aggregating and formalizing gold from the historically informal ASM sector—which contributes nearly one-third of national output—and funneling it directly to the Gold Coast Refinery, Ghana is building a closed-loop, domestic value chain.
“We have the capacity to buy 2.5 tons of gold per week on average. It is our policy to ensure that in the shortest possible time, we will not be exporting raw gold outside this country,” Minister Forson stated.
The refinery, with a capacity of two tons per week, has entered an agreement to refine one ton weekly for the Gold Board, a figure set to scale rapidly.

The Certification Hurdle: Integrity and Traceability
Obtaining LBMA certification is an arduous, multi-year process that scrutinizes more than just purity. It demands an unassailable chain of custody from mine to bar, rigorous anti-money laundering protocols, and consistent production of 99.5% pure gold bars meeting exacting technical specifications.
This is where Ghana’s ASM formalization drive converges with its quality ambitions. The LBMA’s emphasis on provenance and ethical sourcing aligns with the Gold Board’s mandate to bring traceability and regulation to the ASM sector. The government’s next announced policy—a Gold Board-operated fire assay laboratory—directly supports this quest.
“For the first time, all large-scale mining companies will take their gold through fire assay at the Gold Board lab for us to ascertain the true value of our royalties,” Forson explained, highlighting a historic lack of independent verification.
This move not only ensures fiscal transparency for the state but also establishes a national assay standard, a foundational step toward international certification.
Geopolitical and Economic Implications
Success would recalibrate Africa’s gold ecosystem. Currently, South Africa’s Rand Refinery—a technical partner to Gold Coast Refinery—is the only LBMA-listed facility in sub-Saharan Africa. Ghana’s certification would create a rival center of gravity, offering a trusted, locally refined alternative for West African producers like Burkina Faso, Mali, and Ivory Coast.
Economically, it would transform Ghana’s gold from a commodity into a high-integrity financial asset. LBMA-certified gold can be held as premium reserves by the Bank of Ghana, potentially strengthening the currency and national balance sheet. It also creates a magnet for investment in downstream industries like jewelry and high-tech manufacturing, fulfilling the government’s “value addition” mantra.
A Long Road Ahead

Industry analysts caution that the path to LBMA approval is rigorous. “The partnership with Rand Refinery is strategic, providing crucial technical mentorship,” noted Kofi Abebrese, a commodities analyst in Accra. “But consistent volume, unwavering adherence to protocols, and meticulous documentation over a sustained period are what will ultimately convince the LBMA auditors.”
The government appears committed to the marathon. The activation of the refinery and the Gold Board within months of taking office underscores its political priority. By tethering this quest to job creation, a 24-hour economic policy, and capturing lost royalties, the administration has framed LBMA certification not as a technical trophy, but as the keystone of a broader industrial and fiscal revolution.
As the first stamped bars from this new pipeline await their audit, Ghana is betting that its golden future lies not in the earth, but in the integrity of its stamp.
Business
Uber Sued by California Drivers Over How It Treats Them
A California ride-share driver advocacy group filed a complaint Monday, April 20, 2026, in state court against Uber Technologies, Inc., alleging the company violated Proposition 22 and should be barred from classifying its drivers as independent contractors.
Rideshare Drivers United (RDU), a California nonprofit representing more than 20,000 app-based drivers in the state, claimed Uber breached the Protect App-Based Drivers and Services Act, as amended by 2020’s Proposition 22.
Allegations in the Complaint
The complaint alleges that Uber:
- Terminates drivers on grounds not specified in their contracts
- Fails to provide a meaningful appeals process for deactivated drivers
- Prohibits drivers from declining rides based on customer location or the presence of a service animal
- Withholds sufficient earnings information for drivers to verify they are receiving required compensation
Legal Argument and Requested Relief
RDU, represented by attorney Shannon Liss-Riordan of Lichten & Liss-Riordan, P.C., argues that because Uber has not complied with Proposition 22, the company cannot invoke its independent contractor protections.
The suit seeks a court declaration that Uber is disqualified from asserting its drivers are independent contractors. Such a ruling would expose Uber to misclassification claims under the California Labor Code.
Background on Proposition 22
Proposition 22 passed in November 2020 after a coalition of gig companies spent more than $220 million on the campaign. Uber alone spent more than $50 million supporting the measure.
The measure exempted app-based transportation and delivery companies from Assembly Bill 5, which had codified the state’s ABC test for employee classification.
The California Supreme Court upheld Proposition 22’s constitutionality in Castellanos v. State of California in July 2024.
Case Status
The case has no trial date. Uber has not publicly responded to the complaint.
Business
Ivory Coast Cocoa Farmers Hope for Increased Rainfall to Boost Mid-Crop Harvest
Abidjan, Ivory Coast – Cocoa farmers across Ivory Coast, the world’s largest producer of the commodity, are calling for more consistent rainfall to improve the quality and size of beans in the ongoing mid-crop season running from March to August.
Although the West African nation is currently in its official rainy season (April to mid-November), rainfall was below average in most cocoa-growing regions last week.
Farmers say the drier conditions are not yet threatening the overall health of trees, which carry a good mix of small, medium, and large pods, but additional moisture is urgently needed to support bean development for the peak harvesting period between May and July.
In the west-central region of Daloa and central areas such as Bongouanou and Yamoussoukro, where rainfall was significantly below the five-year average, farmers noted that the current heat is helping already-harvested beans dry well. However, they stressed that young and developing pods require steady rain.
“It’s very hot. The beans are well dried, but the trees need enough rain for the rest of the mid-crop season,” said Albert N’Zue, a farmer near Daloa, where only 9.7 mm of rain fell last week — 11.9 mm below average.
In contrast, the western region of Soubre and eastern region of Abengourou received above-average rainfall last week. Farmers in these areas, along with those in southern districts like Agboville and Divo (where rains were below average), stressed the need for abundant and regular precipitation.
“We need plenty of steady rain to grow large, high-quality beans,” said Kouassi Kouame, a farmer near Soubre, which recorded 28.6 mm of rain (6.2 mm above average).
Weekly average temperatures across the country ranged between 29°C and 33.2°C (84°F to 92°F). Farmers remain generally optimistic, noting that harvesting has started to pick up and that cloudy skies suggest more rain could arrive in the coming weeks.
Cocoa production in Ivory Coast is highly sensitive to weather patterns, and the mid-crop (also known as the “light crop”) typically accounts for 20–30% of the country’s annual output.
Stronger rainfall in the coming weeks will be critical for determining the final size and quality of this season’s beans, with potential implications for global cocoa supply and prices.
Business
Nigeria Bans Imports of Poultry, Cement and Many Other Goods from Outside ECOWAS
Abuja, Nigeria – The Nigerian government has introduced a sweeping import ban on 17 categories of goods from countries outside the Economic Community of West African States (ECOWAS), in a major policy shift designed to protect local industries and promote regional trade.
The prohibition, signed by Finance Minister Wale Edun and effective from April 1, 2026, forms part of Nigeria’s revised 2026 Fiscal Policy Measures and Tariff Amendments.
It specifically targets goods originating from non-ECOWAS nations while allowing freer trade within the West African bloc. A 90-day grace period has been granted to importers who had already opened Form ‘M’ and entered into irrevocable trade agreements before the effective date.
Affected Products
The revised import prohibition list includes the following key items:
Live or dead birds, including frozen poultry
Pork/beef and related meat products
Bird eggs (except hatching eggs for breeding/research)
Refined vegetable oil (with limited exceptions)
Cane or beet sugar and flavoured sucrose
Cocoa butter, powder and cakes
Tomatoes, tomato paste and concentrates
Sugary and flavoured non-alcoholic beverages
Bagged cement
Medicaments (pharmaceutical products) and waste pharmaceuticals
NPK fertilisers
Soaps and detergents
Corrugated paper, cartons and boxes
Certain hollow glass bottles
Flat-rolled iron or steel products (corrugated)
Ballpoint pens and refills
In addition, the government introduced a 2% “green tax” surcharge on motor vehicles with engine capacities between 2,000cc and 3,999cc, and those above 4,000cc.
Strategic Objectives
The measures are intended to boost domestic production, reduce reliance on foreign imports, conserve foreign exchange, and strengthen intra-African trade under the ECOWAS framework and the African Continental Free Trade Area (AfCFTA). By restricting imports from outside the region, Nigeria aims to create a larger market for locally manufactured goods and encourage investment in agriculture, manufacturing, and pharmaceuticals.
The policy comes shortly after the government announced tariff reductions on certain items such as cars, palm oil, and sugar, signalling a calibrated approach to trade liberalisation within the region while protecting strategic sectors.
This latest fiscal intervention underscores Nigeria’s determination to reindustrialise its economy and reduce its historically high dependence on imported consumer goods.
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