Ghana can become West Africa’s gold refining hub with right incentives — Chamber of Mines

The Ghana Chamber of Mines has expressed support for the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), but has urged it to transform into an incentive-based system that encourages long-term local gold processing and refining. Eric Asubonteng, the Chamber's CEO, highlighted the mining industry's backing for GANRAP's aim to bolster Ghana's economic stability and create a reserve buffer against external shocks.

Speaking at the signing of a Memorandum of Understanding between the government and major mining firms for the programme's implementation, Asubonteng also welcomed the plan to set up internationally certified gold refineries in Ghana. He revealed that the Chamber was already investigating ways to aid local gold refining, including discussions with existing and potential Ghanaian and South African refineries.

However, Asubonteng emphasized that the policy should extend beyond the program's present timeline and incorporate incentives to motivate companies to refine gold domestically. He pointed to Tanzania, India, and South Africa as examples of countries that have successfully utilized incentives to promote regional mineral beneficiation.

Asubonteng stated that an incentive-driven strategy could position Ghana as a leading gold refining center in West Africa, utilizing the substantial quantities of gold produced within and around the nation. He added that the Chamber would persist in collaborating with the government and other partners to overcome implementation hurdles while furthering GANRAP's overall goals.