The Association of Small Scale Miners has thrown its support behind the GoldBod local refining policy, saying the additional costs imposed on gold traders should be weighed against the jobs and economic value Ghana could gain from processing more of its gold locally.
Communication Director of the Association, Abdul Razak Alhassan, acknowledged that compulsory refining could raise operating expenses for traders but argued that cost alone should not determine whether the policy is worthwhile.
Mr Alhassan said operators in the gold industry already contend with substantial expenses before their products even reach the export stage.
“So the operational cost and everything, we as industry players, even to get the ore itself, you incur so many challenges or so many costs,” he said.
GoldBod Directive Takes Effect September 1
The debate follows a directive from the Ghana Gold Board requiring all Self Financing Aggregators to refine gold doré in Ghana before export from September 1, 2026.
Under the new arrangement, unrefined gold doré will no longer receive export approval.
Refining must take place at facilities approved or designated by GoldBod, while the cost will be borne by the Self Financing Aggregator or its approved offtaker.
GoldBod says the directive falls within its mandate under the Ghana Gold Board Act, 2025, which covers the purchase, sale, refining, value addition and export of gold.
Miners Point to Employment Benefits
Mr Alhassan said the additional cost should be viewed alongside the potential employment and value addition opportunities associated with expanding Ghana’s domestic refining capacity.
“I think them bearing the cost shouldn’t be a big deal, because it will also help the country and then reduce youth unemployment,” he said.
He argued that functioning local refineries would require workers and could therefore create opportunities for young people.
“When this refinery kicks off, as my other colleague said, they have some number of people, youth, that they will employ,” he added.
For the Association, the argument is not that refining comes without a financial burden. Rather, policymakers and industry players must consider what Ghana gains in return.
“So we should look at the balance,” Mr Alhassan said. “While they are looking at the cost, yes, the operational cost may be higher, but we should also consider how we are handling these two issues.”
Value Addition Push Gains Ground
GoldBod’s directive forms part of a broader attempt to retain more value from Ghana’s gold before it leaves the country.
The Board has already entered into arrangements for the local refining of gold produced by the small scale mining sector.
For Mr Alhassan, requiring operators to absorb the refining cost is therefore a reasonable trade off if the policy expands domestic processing, creates jobs and keeps a larger share of the gold value chain within Ghana.
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