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

The Ghana Chamber of Mines has endorsed the goals of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), but has proposed a shift towards an incentive-based system to foster long-term local gold processing and refining. Eric Asubonteng, the Chamber's Chief Executive Officer, emphasized the mining industry's backing for GANRAP's objective of enhancing Ghana's macroeconomic stability and constructing a reserve buffer to safeguard against external economic disruptions.

At the signing of an MoU between government and major mining firms on the program's implementation, Asubonteng welcomed plans to establish gold refineries accredited by international standards in Ghana. He revealed that the Chamber has already started investigating avenues to support local gold refining, involving discussions with refineries in Ghana and South Africa.

However, Asubonteng stressed that the policy should transcend its present duration and incorporate incentives to motivate companies to process and refine gold domestically. He pointed out that countries like Tanzania, India, and South Africa have employed incentive strategies to promote the local beneficiation of minerals. Asubonteng suggested that adopting an incentive-driven approach could transform Ghana into a significant gold refining center for West Africa, capitalizing on the substantial quantities of gold mined locally and in neighboring nations.

He added that the Chamber would persist in collaborating with government bodies and other stakeholders to tackle implementation hurdles while championing GANRAP's overarching objectives.