Local gold refining good for economy but costs must be controlled – Economist
Financial economist Dr. Peter Kwasi Tekper has welcomed Ghana’s mandatory local refining of gold doré before export, but cautioned against excessive refining costs that could place additional pressure on the Ghana Gold Board (GoldBod).
Dr. Peter Tekper, a financial economist, has expressed his support for Ghana's mandate requiring local refining of gold doré before it is exported. However, he has also cautioned against the possibility of refining costs becoming too high, which could place additional strain on the Ghana Gold Board (GoldBod). Dr. Tekper emphasized that local refining would help Ghana retain more economic value from its gold resources, create jobs, and expand the capacity of domestic refineries.
He explained that exporting gold in its raw form means that much of the additional economic value generated through refining is realized outside of Ghana. Nonetheless, Dr. Tekper advised that the government must carefully evaluate the cost of refining to prevent the policy from negatively impacting the financial stability of GoldBod.
He urged policymakers to give careful consideration to the cost structure of the local refining program while aiming to keep more value from Ghana's gold exports.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
