The Ghana Chamber of Mines has called for specific tax and energy interventions to make local gold refining commercially viable. This move supports Ghana's broader strategy to retain more value from its significant gold resources.
Dr. Ken Ashigbey, Chief Executive Officer of the Chamber, stated that the current costs of power, taxes, and other operational expenses could render local refining uneconomical. He emphasized the need for government and industry to collaborate in reducing these financial burdens. Local value addition, while beneficial, introduces additional costs that all stakeholders must address for the policy's success.
Ghana is intensifying its efforts to process more gold domestically, aligning with a national agenda to boost local content and value retention. The Ghana Gold Board (GoldBod) has issued a directive requiring Self-Financing Aggregators to refine gold doré within Ghana before export. This regulation, effective September 1, 2026, means unrefined gold doré will no longer receive export approval. Refining must occur at a GoldBod-approved facility, with costs borne by the aggregator or its designated off-taker. This policy falls under the Ghana Gold Board Act, 2025, which mandates the regulation of gold refining and value addition.
Dr. Ashigbey confirmed that discussions are already underway regarding the taxes and levies impacting the refining sector. He stressed that the government must critically review these fiscal charges. He also urged private refinery operators to invest in advanced technology to help lower their operating costs, highlighting the role of technological innovation in cost reduction.
Energy costs represent another significant challenge for local refiners. Dr. Ashigbey suggested that policymakers consider measures to provide refineries with access to cheaper electricity sources. He specifically proposed allocating more relatively inexpensive hydroelectric power to these facilities, given their strategic importance to the national economy. He also noted that the government's 24-hour economy programme includes plans for large-scale solar plants. These solar initiatives aim to reduce energy costs significantly, potentially bringing them down to around 3 to 4 cents per kilowatt-hour.
The Chamber supports the local refining policy but insists on a collaborative implementation approach. Dr. Ashigbey believes that beneficiation, the process of adding value to raw materials, is beneficial for Ghana. However, he warned that additional costs, if not managed, could undermine the policy's objectives. He called for government to engage closely with the industry to collectively reduce the cost of doing business. The mining sector already absorbs additional costs under existing arrangements, such as the Ghana Artisanal and Small-Scale Mining Policy (GANRAP) where large-scale miners contribute at a higher rate than the weighted average.
Dr. Ashigbey's position underscores that Ghana's push for local gold refining can deliver substantial economic value. Its ultimate success, however, hinges on effectively reducing refining costs. This requires a shared commitment from the government, mining companies, and refinery operators to ensure the policy's viability and long-term benefits for the nation. The strategic importance of gold to Ghana's economy, as a major export commodity, makes these interventions critical for sustainable growth and increased revenue generation. Ensuring competitive operational costs will attract necessary investments and foster a robust local refining industry.