We should look at the balance – Small-scale miners defend local gold refining

The Association of Small-Scale Miners has defended the government's requirement for gold traders to refine their gold locally before exporting it. The policy, set to take effect on September 1, 2026, aims to retain more value from Ghana's gold resources before export. However, the Association argues that the policy's impact on small-scale miners should also be considered.

Abdul Razak Alhassan, the Communication Director of the Association, acknowledged the potential increase in operational costs due to the policy. He emphasized that gold production is already a costly venture for industry players, requiring significant investments to secure gold ore and manage operations. Alhassan stressed that while the operational costs will rise, the broader economic benefits, such as job creation, must also be taken into account.

He argued that the establishment and operation of refineries could create employment opportunities for young people, reducing youth unemployment. The Ghana Gold Board (GoldBod) is responsible for enforcing the policy under the Ghana Gold Board Act, 2025, which mandates the regulation of the purchase, sale, refining, value addition, and export of gold.

GoldBod's policy requires gold doré to be refined at a refinery approved or designated by the Board before export. The Association believes that the policy's cost burden should not be the sole consideration in assessing its impact. They argue that both the financial burden on operators and the potential benefits to the wider economy should be evaluated. Alhassan concluded that the policy should be assessed on a balance between these two factors.