The Ghana Chamber of Mines has called for government support to reduce the cost of refining gold locally. This intervention aims to make domestic gold processing commercially viable as Ghana seeks to retain more value from its mineral resources.
Dr. Ken Ashigbey, Chief Executive Officer of the Chamber, stated that the government must actively participate in this effort. He emphasized that the burden of increased local content should not fall entirely on the industry. The Chamber believes that collaborative action is essential for Ghana to achieve its beneficiation goals.
This demand aligns with Ghana's broader economic strategy to end the export of raw minerals by 2030. The Bank of Ghana (BoG) and GoldBod have already implemented directives to channel gold into local refining. For instance, GoldBod has mandated that Self-Financing Aggregators refine gold doré in Ghana before export from September 1, 2026. This policy aims to boost domestic processing capabilities and increase the country's share of the gold value chain.
Dr. Ashigbey highlighted specific areas where government intervention is crucial. He pointed to existing taxes and levies that increase operational costs for refineries. He also stressed the high cost of power, suggesting that policy decisions are needed to address this. The Chamber believes that reviewing these financial burdens will significantly ease the transition to full local refining.
The implications of these demands are significant for Ghana's mining sector and overall economy. If the government provides the requested relief, it could accelerate the development of a robust local refining industry. This would create jobs, enhance skills, and potentially increase foreign exchange earnings from higher-value gold products. Conversely, a lack of support could hinder Ghana's 2030 value addition target, leaving the country reliant on raw material exports.
Dr. Ashigbey suggested that the government could grant refineries preferential access to cheaper hydroelectricity. He noted the strategic importance of these facilities to the national economy. He also mentioned proposed solar investments under the 24-hour economy initiative. These could reduce energy costs to around 3 to 4 cents per kilowatt-hour, making local refining more competitive. Such measures would directly address a major operational expense for refineries.
The Chamber also urged private refinery operators to invest in technology to lower their production costs. This shared responsibility approach is central to the Chamber's advocacy. Dr. Ashigbey cited the Ghana Accelerated National Reserve Accumulation Programme (GANRAP) as an example of industry's current contribution. Under GANRAP, large-scale miners absorb additional costs, effectively subsidizing the government's gold accumulation efforts. This demonstrates the industry's willingness to contribute, but also highlights the need for reciprocal government support.
The push for local refining is a critical component of Ghana's economic transformation agenda. It seeks to move beyond primary commodity extraction to value-added processing. Success in this area requires a concerted effort from both the public and private sectors. The government's response to the Chamber of Mines' demands will be a key indicator of its commitment to this strategic objective. This collaborative approach is essential to reduce the overall cost of local gold processing and maximize national benefits.